Borrowing Money for Physical, Occupational and Speech Therapists, and Audiologists

With these loans for physical, occupational and speech therapists, and audiologists, the SBA guarantees the lender that the loan will be repaid. This physical, occupational and speech therapists, and audiologists loan for $120,000 was given to an Iowa entrepreneur in 2006.

Getting a small business loan in Cedar Rapids, Iowa was important for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Farmers State Bank, operating out of Marion, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: PHYSICAL, OCCUPATIONAL AND SPEECH THERAPISTS, AND AUDIOLOGISTS
CEDAR RAPIDS, IA 52402

SBA Loan Lender

FARMERS STATE BANK
1240 8TH AVE
MARION, IA 52302

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621340 - Physical, Occupational and Speech Therapists, and Audiologists

Loan Approval Date

12/1/2006

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

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 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Farmers State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Farmers State Bank 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.

Related Links:

Business Incubators

Who Lends Money to Small Businesses in Marion, Iowa

Browse All Business Loan Sources for Iowa