Growing Company Gets an Iowa SBA Loan

Would an Iowa bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Iowa bank, which offers SBA loans to Iowa entrepreneurs.

Getting a small business loan in Grimes, Iowa was a top priority for this loan applicant back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Union State Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
GRIMES, IA 50111

SBA Loan Lender

UNION STATE BANK
201 W COURT
WINTERSET, IA 50273

This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

9/30/2005

Loan Approval Gross Amount

$987,000

Loan Approval from the SBA

Of the total $987,000 loan amount, the SBA guaranteed $740,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 25 employees. The loan application did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are raising money in Grimes IA, you ought to talk with a local Grimes SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Grimes businesses.

This SBA loan was for $987,000. How would you spend $987,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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