Des Moines, Iowa Bank Gives SBA Loan to Recreational Goods Rental Company
Want 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
DES MOINES, IA 50315
SBA Loan Lender
IOWA STATE BANK
627 E LOCUST ST
DES MOINES, IA 50309
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
Iowa SBA 7A Banks