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December 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Des Moines, Business Loans > Iowa State Bank Des Moines Business Loans > Recreational Goods Rental Loan | ||||
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Des Moines Bank Loan
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Des Moines, Iowa Bank Gives SBA Loan to Recreational Goods Rental CompanyWant to talk with a Des Moines, Iowa bank about an SBA loan? Here's one Iowa business loan, issued by a Des Moines bank, that was approved by the SBA. Applying for an SBA loan with Iowa State Bank worked out well for our friends at one local business in Des Moines, Iowa. They received an SBA loan for $120,000. Sweet! SBA Loan Borrower COMPANY TYPE: RECREATIONAL GOODS RENTAL SBA Loan Lender IOWA STATE BANK This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 532292 - Recreational Goods Rental Loan Approval Date 3/13/2001 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. 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 6 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business 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: Obtaining Funding From a Venture Capitalist Find an SBA Lender in Des Moines, Iowa
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