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

An SBA loan from Farmers & Merchants Bank & Tr typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Burlington, Iowa business owner got a $590,600 loan.

This business knew how to go about getting a business bank loan. Based in Burlington, Iowa, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Farmers & Merchants Bank & Tr, based in Burlington, Iowa.

SBA Loan Borrower

COMPANY TYPE: FITNESS AND RECREATIONAL SPORTS CENTERS
BURLINGTON, IA 52601

SBA Loan Lender

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

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 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

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

4/7/2004

Loan Approval Gross Amount

$590,600

Loan Approval from the SBA

Of the total $590,600 loan amount, the SBA guaranteed $413,420.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 6 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $590,600 loan. Remember, feel the fear, and do it anyway.

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.

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