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November 14, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Elgin, Business Loans > Elgin State Bank Elgin Business Loans > Business Services Loan | ||||
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Iowa Small Business SBA Loans
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Firm Gets an Iowa SBA LoanSmall business loans in Iowa are tough to come by these days. We take a look at one Iowa small business loan, provided by an Iowa bank, that was approved by the SBA. You can learn something about getting a small business loan in Decorah, Iowa by studying this loan to a local company, made back in 2001. Banks like Elgin State Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender ELGIN STATE BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7389 - Business Services NAICS Code 561730 - Landscaping Services Loan Approval Date 3/1/2001 Loan Approval Gross Amount $90,000 Loan Approval from the SBA Of the total $90,000 loan amount, the SBA guaranteed $76,500. 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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Elgin State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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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