Financing for Hardware Merchant Wholesalers

With these commercial loans for hardware merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This hardware merchant wholesalers loan for $150,000 was given to an Iowa entrepreneur in 2004.

This business knew how to go about getting a business bank loan. Based in Griswold, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Rolling Hills Bank & Trust, based in Atlantic, Iowa.

SBA Loan Borrower

COMPANY TYPE: HARDWARE MERCHANT WHOLESALERS
GRISWOLD, IA 51535

SBA Loan Lender

ROLLING HILLS BANK & TRUST
1307 E 7TH ST
ATLANTIC, IA 50022

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

423710 - Hardware Merchant Wholesalers

Loan Approval Date

2/25/2004

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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 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.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, if it to be, it is up to me!

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

Where to Get an SBA Loan in Atlantic, Iowa

Getting a Business Loan in Iowa