Financing for Child Day Care Services

With these loans for child day care services, the SBA guarantees the lender that the loan will be repaid. This child day care services loan for $164,600 was given to an Iowa entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Burlington, Iowa was able to borrow $164,600 from State Central Bank. The SBA made the loan possible by guaranteeing $123,450 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
BURLINGTON, IA 52601

SBA Loan Lender

STATE CENTRAL BANK
619 NINTH ST
FORT MADISON, IA 52627

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began 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

624410 - Child Day Care Services

Loan Approval Date

4/12/2002

Loan Approval Gross Amount

$164,600

Loan Approval from the SBA

Of the total $164,600 loan amount, the SBA guaranteed $123,450.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 32 employees. The loan application did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. State Central Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, State Central Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

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Who Lends Money to Small Businesses in Fort Madison, Iowa

Iowa SBA Banks