Fairfield, Iowa Entrepreneur Gets an SBA Loan

Want an Iowa SBA loan? This Iowa entrepreneur got an SBA loan, provided by an Iowa bank that works with the SBA to help small business owners.

Getting a small business loan in Fairfield, Iowa was a top priority for this particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Midwestone Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
FAIRFIELD, IA 52556

SBA Loan Lender

MIDWESTONE BANK
58 E BURLINGTON
FAIRFIELD, IA 52556

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

4/27/2000

Loan Approval Gross Amount

$9,000

Loan Approval from the SBA

Of the total $9,000 loan amount, the SBA guaranteed $7,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide money to small business owners for working capital for other expenses.

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 Midwestone 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:

Accountant's Role in Securing Financing

Banks in Fairfield, Iowa

SBA Participating Banks in Iowa