SBA Loan from Farmers & Merchants Savings Bk Helps Limited-Service Restaurants 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 received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Farmers & Merchants Savings Bk, out of Iowa City, Iowa. The loan was granted and they received $147,302 to help grow their Iowa City, Iowa business.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
IOWA CITY, IA 52240

SBA Loan Lender

FARMERS & MERCHANTS SAVINGS BK
2235 MORMON TREK BLVD
IOWA CITY, IA 52246

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/28/2005

Loan Approval Gross Amount

$147,302

Loan Approval from the SBA

Of the total $147,302 loan amount, the SBA guaranteed $125,206.

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 10 employees. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide smart, affordable business financing for small businesses looking to expand.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Obtaining Funding - How to Borrow Money

Banks in Iowa City, Iowa

Iowa SBA 7A Lenders