Entrepreneur Works With Vinton, Iowa Bank to Get an SBA Loan

Thinking about meeting with a Vinton, Iowa bank about a small business loan? Here's one Iowa business loan, issued by a Vinton bank, that was approved by the SBA.

Applying for an SBA loan with Farmers Savings Bank & Trust-Vin worked out well for our friends at one local company in Cedar Rapids, Iowa. They received an SBA loan for $631,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: JANITORIAL SERVICES
CEDAR RAPIDS, IA 52404

SBA Loan Lender

FARMERS SAVINGS BANK & TRUST-VIN
401 B AVE
VINTON, IA 52349

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561720 - Janitorial Services

Loan Approval Date

10/18/2005

Loan Approval Gross Amount

$631,000

Loan Approval from the SBA

Of the total $631,000 loan amount, the SBA guaranteed $441,700.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 160 employees. The SBA loan documents did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Farmers Savings Bank & Trust-Vin had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Farmers Savings Bank & Trust-Vin made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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