Business Loan from State Central Bank Given to Used Merchandise Stores Company

State Central Bank has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them.

Getting a small business loan in Keokuk, Iowa was an essential business goal for this firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from State Central Bank, operating out of Keokuk, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
KEOKUK, IA 52632

SBA Loan Lender

STATE CENTRAL BANK
601 MAIN ST
KEOKUK, IA 52632

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program involves 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

453310 - Used Merchandise Stores

Loan Approval Date

10/15/2002

Loan Approval Gross Amount

$50,900

Loan Approval from the SBA

Of the total $50,900 loan amount, the SBA guaranteed $43,265.

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 SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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Where to Get an SBA Loan in Keokuk, Iowa

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