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November 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Cedar Rapids, Business Loans > Community Savings Bank Cedar Rapids Business Loans > Hobby, Toy, And Game Stores Loan | ||||
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SBA Lender Cedar Rapids, Iowa
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Entrepreneur Works With Cedar Rapids, Iowa Bank to Get an SBA LoanThinking about meeting with a Cedar Rapids, Iowa bank about a small business loan? Here's one Iowa business loan, issued by a Cedar Rapids bank, that was approved by the SBA. Applying for an SBA loan with Community Savings Bank worked out well for our friends at one local business in Cedar Rapids, Iowa. They got an SBA loan for $18,000. Awesome! SBA Loan Borrower COMPANY TYPE: HOBBY, TOY, AND GAME STORES SBA Loan Lender COMMUNITY SAVINGS BANK This lender issued this particular commercial 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 451120 - Hobby, Toy, and Game Stores Loan Approval Date 10/8/2003 Loan Approval Gross Amount $18,000 Loan Approval from the SBA Of the total $18,000 loan amount, the SBA guaranteed $15,300. 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 only one employee. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Getting a Business Loan in Iowa
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