Local Business Gets an Iowa Small Business Loan

Business loans in Iowa are tough to come by these days. We take a look at one Iowa business loan, provided by an Iowa bank, that was approved by the SBA.

Getting a small business loan in Cedar Rapids, Iowa was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Wells Fargo Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: ENGINEERING SERVICES
CEDAR RAPIDS, IA 52404

SBA Loan Lender

WELLS FARGO BANK
666 WALNUT ST
DES MOINES, IA 50309

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8711 - Engineering Services

NAICS Code

541330 - Engineering Services

Loan Approval Date

4/11/2000

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $225,000.

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 5 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start business in Cedar Rapids IA, you ought to talk with a local Cedar Rapids SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cedar Rapids businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $250,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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