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November 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Denison, Business Loans > United Bank Of Iowa Denison Business Loans > Motor Vehicle Supplies And New Parts Loan | ||||
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United Bank Of Iowa
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Business Loan from United Bank Of Iowa Given to Motor Vehicle Supplies And New Parts CompanyUnited Bank Of Iowa has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them. This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with United Bank Of Iowa, out of Denison, Iowa. The loan was granted and they received $550,000 to help grow their Denison, Iowa business. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS SBA Loan Lender UNITED BANK OF IOWA This lender issued this SBA loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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. SIC Code 5013 - Motor Vehicle Supplies and New Parts NAICS Code 421120 - Motor Vehicle Supplies and New Parts Wholesalers Loan Approval Date 6/28/2002 Loan Approval Gross Amount $550,000 Loan Approval from the SBA Of the total $550,000 loan amount, the SBA guaranteed $412,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: Realistic Debt Financing Options Small Bank Loans in Denison, Iowa Browse All Business Loan Sources for Iowa
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