Clinton, Iowa Bank Gives SBA Loan to Motor Vehicle Dealers Company

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

Applying for an SBA loan with Gateway State Bank worked out well for our friends at one local business in Clinton, Iowa. The business was able to get an SBA loan for $56,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
CLINTON, IA 52732

SBA Loan Lender

GATEWAY STATE BANK
1427 N 2ND ST
CLINTON, IA 52732

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441229 - Motor Vehicle Dealers

Loan Approval Date

4/12/2001

Loan Approval Gross Amount

$56,000

Loan Approval from the SBA

Of the total $56,000 loan amount, the SBA guaranteed $47,600.

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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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