Cedar Falls, Iowa Business Gets SBA-Guaranteed Funding from Lincoln Savings Bank

An SBA loan from Lincoln Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cedar Falls, Iowa business owner got a $100,000 loan.

This business knew how to go about getting a business bank loan. Based in Cedar Falls, Iowa, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Lincoln Savings Bank, based in Waterloo, Iowa.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION INDUSTRIES
CEDAR FALLS, IA 50613

SBA Loan Lender

LINCOLN SAVINGS BANK
242 TOWER PARK DR
WATERLOO, IA 50701

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713990 - Amusement and Recreation Industries

Loan Approval Date

10/15/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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