Iowa Small Business Loan Issued to Full-Service Restaurants Company

Small business loans in Iowa are hard to find these days. We take a look at one Iowa small business loan, provided by a South Dakota bank, that was approved by the SBA.

Getting a small business loan in Davenport, Iowa was a top priority for this small company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Wells Fargo Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
Davenport, IA 52806

SBA Loan Lender

WELLS FARGO BANK
101 N PHILIPS AVE
SIOUX FALLS, SD 57104

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/18/2007

Loan Approval Gross Amount

$1,039,000

Loan Approval from the SBA

Of the total $1,039,000 loan amount, the SBA guaranteed $779,250.

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 56 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 55 existing jobs.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Raising Venture Capital

Good Banks for Small Business in Sioux Falls, South Dakota

South Dakota SBA 7A Lenders