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December 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Sioux Center, Business Loans > American State Bank Sioux Center Business Loans > General Automotive Repair Loan | ||||
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Sioux Center, Iowa SBA Lenders
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Sioux Center, Iowa Bank Gives SBA Loan to General Automotive Repair CompanyWant to talk with a Sioux Center, Iowa bank about a business loan? Here's one Iowa business loan, issued by a Sioux Center bank, that was approved by the SBA. Applying for an SBA loan with American State Bank worked out well for our friends at one local firm in Hull, Iowa. They got an SBA loan for $130,000. Way to go! SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender AMERICAN STATE BANK This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began 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 811111 - General Automotive Repair Loan Approval Date 11/2/2005 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. 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 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American State 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: Best Banks in Sioux Center, Iowa
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