Raising Money for Petroleum Refineries

Looking for business loans for petroleum refineries? Talk to a banker who works with the SBA. This $93,600 petroleum refineries loan was issued by an Iowa bank.

This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Iowa State Bank, out of Des Moines, Iowa. The loan was granted and they received $93,600 to help grow their Des Moines, Iowa business.

SBA Loan Borrower

COMPANY TYPE: PETROLEUM REFINERIES
DES MOINES, IA 50313

SBA Loan Lender

IOWA STATE BANK
627 E LOCUST ST
DES MOINES, IA 50309

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

324110 - Petroleum Refineries

Loan Approval Date

7/14/2004

Loan Approval Gross Amount

$93,600

Loan Approval from the SBA

Of the total $93,600 loan amount, the SBA guaranteed $79,560.

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 4 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Iowa State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - How to Borrow Money

Best Banks for Small Business in Des Moines, Iowa

Iowa SBA Banks