Burlington, Iowa Business Gets SBA-Guaranteed Funding from Farmers & Merchants Bank & Tr

Farmers & Merchants Bank & Tr is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Iowa entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Burlington, Iowa was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Farmers & Merchants Bank & Tr, operating out of Burlington, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
BURLINGTON, IA 52601

SBA Loan Lender

FARMERS & MERCHANTS BANK & TR
221 JEFFERSON ST
BURLINGTON, IA 52601

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

6/26/2001

Loan Approval Gross Amount

$28,500

Loan Approval from the SBA

Of the total $28,500 loan amount, the SBA guaranteed $24,225.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Farmers & Merchants Bank & Tr and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Borrowing Money from Friends and Family

SBA 7A Banks in Burlington, Iowa

Getting a Business Loan in Iowa