SBA Loan from Bankiowa Helps Furniture Stores Company

Bankiowa and the SBA work together to get business loans for growing small businesses. Here's an example of how an Iowa entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cedar Rapids, Iowa was able to borrow $108,500 from Bankiowa. The SBA made the loan possible by guaranteeing $92,225 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FURNITURE STORES
CEDAR RAPIDS, IA 52402

SBA Loan Lender

BANKIOWA
7045 C AVE NE
CEDAR RAPIDS, IA 52402

This lender issued this particular SBA small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442110 - Furniture Stores

Loan Approval Date

9/15/2005

Loan Approval Gross Amount

$108,500

Loan Approval from the SBA

Of the total $108,500 loan amount, the SBA guaranteed $92,225.

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 5 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

How to Raise Money

SBA 7A Banks for Cedar Rapids, Iowa Loans

Iowa SBA 7A Lenders