Growing Company Gets an Iowa Small Business Loan

IowaBank loans are available to Iowa firms through the SBA. In this case, an Iowa bank provides the loan.

You can learn something about getting a small business loan in Hardy, Iowa by studying this loan to a local company, made back in 2006. Banks like Bank Iowa may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
HARDY, IA 50545

SBA Loan Lender

BANK IOWA
420 8TH ST SE
ALTOONA, IA 50009

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

445120 - Convenience Stores

Loan Approval Date

5/4/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 6 employees. The loan application indicated that the borrowed money would help generate 6 new jobs.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Hardy IA, you ought to talk with a local Hardy SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hardy 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 Bank Iowa 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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