Financing for Specialty Food Stores

With these commercial loans for specialty food stores, the SBA guarantees the lender that the loan will be repaid. This specialty food stores loan for $75,000 was given to an Iowa entrepreneur in 2004.

Getting a small business loan in Des Moines, Iowa was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Iowa State Bank, operating out of Des Moines, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIALTY FOOD STORES
DES MOINES, IA 50309

SBA Loan Lender

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

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires 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

445299 - Specialty Food Stores

Loan Approval Date

3/19/2004

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Iowa State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Iowa State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 Credit Evaluation

SBA Approved Banks in Des Moines, Iowa

SBA Lenders in Iowa