Business Loan from Farmers & Merchants Savings Bk Given to Finish Carpentry Contractors Company

Farmers & Merchants Savings Bk is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Iowa entrepreneur who tapped into the power of SBA loans.

This small firm knew how to go about getting a business bank loan. Based in Hiawatha, Iowa, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Farmers & Merchants Savings Bk, based in Manchester, Iowa.

SBA Loan Borrower

COMPANY TYPE: FINISH CARPENTRY CONTRACTORS
HIAWATHA, IA 52233

SBA Loan Lender

FARMERS & MERCHANTS SAVINGS BK
101 E MAIN ST
MANCHESTER, IA 52057

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide debt financing to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238350 - Finish Carpentry Contractors

Loan Approval Date

6/15/2006

Loan Approval Gross Amount

$243,085

Loan Approval from the SBA

Of the total $243,085 loan amount, the SBA guaranteed $182,314.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Farmers & Merchants Savings Bk that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Business Line of Credit

Good Banks for Small Business in Manchester, Iowa

Iowa SBA Bank Lenders