Cedar Rapids, Iowa Business Gets SBA-Guaranteed Funding from Guaranty Bank And Trust Co.

Guaranty Bank And Trust Co. has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Guaranty Bank And Trust Co., out of Cedar Rapids, Iowa. The loan was granted and they received $131,700 to help grow their Cedar Rapids, Iowa business.

SBA Loan Borrower

COMPANY TYPE: INTERIOR DESIGN SERVICES
CEDAR RAPIDS, IA 52403

SBA Loan Lender

GUARANTY BANK AND TRUST CO.
302 3RD AVE SE
CEDAR RAPIDS, IA 52401

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. 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

541410 - Interior Design Services

Loan Approval Date

4/22/2004

Loan Approval Gross Amount

$131,700

Loan Approval from the SBA

Of the total $131,700 loan amount, the SBA guaranteed $111,945.

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 4 employees. The SBA loan application for the borrower 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

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Guaranty Bank And Trust Co. that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Dealing With Venture Capitalists

Good Banks for Small Business in Cedar Rapids, Iowa

Iowa SBA 7A Lenders