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November 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Fort Myers, Business Loans > First American Bank Fort Myers Business Loans > Commercial And Industrial Machinery And Equipment Loan | ||||
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Business Loans for Fort Dodge Small Business Owners
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Where to Get Capital for Commercial and Industrial Machinery and EquipmentWith these small business loans for commercial and industrial machinery and equipment, the SBA guarantees the lender that the loan will be repaid. This commercial and industrial machinery and equipment loan for $320,000 was given to an Iowa entrepreneur in 2005. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fort Dodge, Iowa was able to borrow $320,000 from First American Bank. The SBA made the loan possible by guaranteeing $240,000 of this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT SBA Loan Lender FIRST AMERICAN BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA small business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811310 - Commercial and Industrial Machinery and Equipment Loan Approval Date 12/30/2005 Loan Approval Gross Amount $320,000 Loan Approval from the SBA Of the total $320,000 loan amount, the SBA guaranteed $240,000. 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 5 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First American Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First American 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: Accountant's Role in Securing Financing Find an SBA Lender in Fort Myers, Florida
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