Entrepreneur Works With Clear Lake, Iowa Bank to Get an SBA Loan

Find Clear Lake, Iowa banks that specialize in SBA loans and know how to work with entrepreneurs. Clear Lake Bank & Trust is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Clear Lake, Iowa starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Clear Lake Bank & Trust. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: HARDWARE STORES
CLEAR LAKE, IA 50428

SBA Loan Lender

CLEAR LAKE BANK & TRUST
322 MAIN AVE
CLEAR LAKE, IA 50428

This lender issued this SBA bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5251 - Hardware Stores

NAICS Code

444130 - Hardware Stores

Loan Approval Date

3/14/2000

Loan Approval Gross Amount

$805,000

Loan Approval from the SBA

Of the total $805,000 loan amount, the SBA guaranteed $603,750.

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 45 employees. The loan application did not indicate that the company promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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

Startup Funding Tip

SBA 7A Banks for Clear Lake, Iowa Loans

Iowa SBA 7A Lenders