Borrowing Money for Structural Steel and Precast Concrete Contractors

With these bank loans for structural steel and precast concrete contractors, the SBA guarantees the lender that the loan will be repaid. This structural steel and precast concrete contractors loan for $150,000 was given to an Iowa entrepreneur in 2005.

This small firm knew how to go about getting a business bank loan. Based in Johnston, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Charter Bank, based in Johnston, Iowa.

SBA Loan Borrower

COMPANY TYPE: STRUCTURAL STEEL AND PRECAST CONCRETE CONTRACTORS
JOHNSTON, IA 50131

SBA Loan Lender

CHARTER BANK
5526 NW 86TH ST
JOHNSTON, IA 50131

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238120 - Structural Steel and Precast Concrete Contractors

Loan Approval Date

3/31/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 16 employees. This SBA loan request did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Charter Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Charter 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:

Borrowing Money from Friends and Family

SBA 7A Banks in Johnston, Iowa

Getting a Business Loan in Iowa