Johnston, Iowa Entrepreneur Gets a Small Business Loan

SBA loans in Iowa are are few and far betweeen these days. We take a look at one Iowa SBA loan, provided by an Iowa bank, that was approved by the SBA.

By giving the right information to First Bank, this Johnston, Iowa business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: OFFICE MACHINERY AND EQUIPMENT RENTAL AND LEASING
JOHNSTON, IA 50131

SBA Loan Lender

FIRST BANK
5625 MILLS CIVIC PKWY
WEST DES MOINES, IA 50266

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 commercial loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

532420 - Office Machinery and Equipment Rental and Leasing

Loan Approval Date

3/9/2006

Loan Approval Gross Amount

$574,700

Loan Approval from the SBA

Of the total $574,700 loan amount, the SBA guaranteed $431,025.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

Related Links:

Obtaining Funding From a Venture Capitalist

Banks in West Des Moines, Iowa

SBA Participating Banks in Iowa