Cedar Rapids, Iowa Business Gets SBA-Guaranteed Funding from Farmers State Bank

An SBA loan from Farmers State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Cedar Rapids, Iowa business owner got a $33,700 loan.

This growing company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Farmers State Bank, out of Marion, Iowa. The loan was granted and they received $33,700 to help grow their Cedar Rapids, Iowa business.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
CEDAR RAPIDS, IA 52402

SBA Loan Lender

FARMERS STATE BANK
1240 8TH AVE
MARION, IA 52302

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

1/31/2003

Loan Approval Gross Amount

$33,700

Loan Approval from the SBA

Of the total $33,700 loan amount, the SBA guaranteed $28,645.

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 only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

We can help you find the best banks for small businesses in Cedar Rapids or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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