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November 15, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Cincinnati, Business Loans > U.S. Bank National Association Cincinnati Business Loans > Child Day Care Services Loan | ||||
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U.S. Bank National Association
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Council Bluffs, Iowa Business Gets SBA-Guaranteed Funding from U.S. Bank National AssociationAn SBA loan from U.S. Bank National Association typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Council Bluffs, Iowa business owner got a $50,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with U.S. Bank National Association, out of Cincinnati, Ohio. The loan was granted and they received $50,000 to help grow their Council Bluffs, Iowa business. SBA Loan Borrower COMPANY TYPE: CHILD DAY CARE SERVICES SBA Loan Lender U.S. BANK NATIONAL ASSOCIATION This lender issued this bank loan under the SBA 7A lending 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. NAICS Code 624410 - Child Day Care Services Loan Approval Date 11/4/2003 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 8 employees. This SBA loan request indicated that the loan would help retain 8 existing jobs. Great, But How Can I Get an SBA Loan for My Business? 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. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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:
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