Iowa Business Loan Issued to Machine Tool Manufacturing Company

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 Fontanelle, Iowa was a top priority for this particular business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from First National Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
FONTANELLE, IA 50846

SBA Loan Lender

FIRST NATIONAL BANK
793 MAIN ST
ANITA, IA 50020

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

12/18/2002

Loan Approval Gross Amount

$985,400

Loan Approval from the SBA

Of the total $985,400 loan amount, the SBA guaranteed $739,050.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for 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 small business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Fontanelle IA, you ought to talk with a local Fontanelle SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Fontanelle 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 First National 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.

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