Business Loan from Midstates Bank Given to Hardware Stores Company

Midstates Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Iowa entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Denison, Iowa was an essential business goal for this small business 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: HARDWARE STORES
DENISON, IA 51442

SBA Loan Lender

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

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444130 - Hardware Stores

Loan Approval Date

4/8/2002

Loan Approval Gross Amount

$242,000

Loan Approval from the SBA

Of the total $242,000 loan amount, the SBA guaranteed $181,500.

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 8 employees. This SBA loan request did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

We can help you find the best banks for small businesses in Denison or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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