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November 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Fairfield, Business Loans > Midwestone Bank Fairfield Business Loans > Telemarketing Bureaus And Contact Centers Loan | ||||
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How to Get SBA Money in Fairfield, Iowa
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Local Business Gets an Iowa Business LoanBusiness loans in Iowa are hard to find these days. We take a look at one Iowa business loan, provided by an Iowa bank, that was approved by the SBA. This small business, based in Fairfield, Iowa, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Midwestone Bank. We've got the inside scoop on this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: TELEMARKETING BUREAUS AND CONTACT CENTERS SBA Loan Lender MIDWESTONE BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561422 - Telemarketing Bureaus and Contact Centers Loan Approval Date 7/30/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 22 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: Determining Proper Capital Structure for a Business SBA Participating Banks in Fairfield, Iowa
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