Growing Company Gets an Iowa SBA Loan

Want an Iowa bank loan? This Iowa entrepreneur got a bank loan, provided by an Iowa bank that works with the SBA to help small business owners.

This business, based in Denison, Iowa, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Crawford Cnty Tr & Savings Bk. We've got the inside scoop on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: VIDEO TAPE AND DISC RENTAL
DENISON, IA 51442

SBA Loan Lender

CRAWFORD CNTY TR & SAVINGS BK
21 N MAIN
DENISON, IA 51442

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

532230 - Video Tape and Disc Rental

Loan Approval Date

2/26/2003

Loan Approval Gross Amount

$41,100

Loan Approval from the SBA

Of the total $41,100 loan amount, the SBA guaranteed $34,935.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

Business Incubators

SBA Approved Banks in Denison, Iowa

Browse All Business Loan Sources for Iowa