Company Gets an Iowa Business Loan
Looking to get an Iowa SBA loan? This Iowa entrepreneur got an SBA loan, provided by an Iowa bank that works with the SBA to help small business owners.
Getting a small business loan in Des Moines, Iowa was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from West Bank. Here are the details on this Iowa small business loan.
SBA Loan Borrower
COMPANY TYPE: DRINKING PLACES
DES MOINES, IA 50315
SBA Loan Lender
WEST BANK
1601 22ND ST
WEST DES MOINES, IA 50266
This was a Low Documentation SBA loan. The SBA launched this program to reduce 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. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722410 - Drinking Places
Loan Approval Date
5/17/2004
Loan Approval Gross Amount
$67,500
Loan Approval from the SBA
Of the total $67,500 loan amount, the SBA guaranteed $57,375.
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 2 employees. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from West Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
How to Raise Money
Banks in West Des Moines, Iowa
Iowa SBA 7A Banks