Getting an SBA Loan for Floor Covering Stores

With these commercial loans for floor covering stores, the SBA guarantees the lender that the loan will be repaid. This floor covering stores loan for $160,000 was given to an Iowa entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Iowa City, Iowa was able to borrow $160,000 from Bank Of The West. The SBA made the loan possible by guaranteeing $120,000 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
IOWA CITY, IA 52240

SBA Loan Lender

BANK OF THE WEST
700 FIRST AVE NE
CEDAR RAPIDS, IA 52401

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

9/30/2005

Loan Approval Gross Amount

$160,000

Loan Approval from the SBA

Of the total $160,000 loan amount, the SBA guaranteed $120,000.

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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

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 $160,000 loan. Remember, anyone can do it... so why not you?

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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