Iowa Small Business Loan Issued to Motor Vehicle Dealers Company

Bank loans in Iowa are hard to find these days. We take a look at one Iowa bank loan, provided by an Iowa bank, that was approved by the SBA.

Getting a small business loan in Cumming, Iowa was a top priority for this loan applicant back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Community State Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
CUMMING, IA 50125

SBA Loan Lender

COMMUNITY STATE BANK
1401 N JEFFERSON
INDIANOLA, IA 50125

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441229 - Motor Vehicle Dealers

Loan Approval Date

11/19/2002

Loan Approval Gross Amount

$33,300

Loan Approval from the SBA

Of the total $33,300 loan amount, the SBA guaranteed $28,305.

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 application for the borrower did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $33,300 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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