SBA Loan from Midstates Bank Helps Support Services Company

An SBA loan from Midstates Bank 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 $150,000 loan.

Getting a small business loan in Council Bluffs, Iowa was an essential business goal for this firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Midstates Bank, operating out of Council Bluffs, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPPORT SERVICES
COUNCIL BLUFFS, IA 51501

SBA Loan Lender

MIDSTATES BANK
1851 MADISON AVE, STE 732
COUNCIL BLUFFS, IA 51503

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

561990 - Support Services

Loan Approval Date

7/25/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 24 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midstates Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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