Le Claire, Iowa Business Gets SBA-Guaranteed Funding from First Central State Bank

An SBA loan from First Central State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Le Claire, Iowa business owner got a $38,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Le Claire, Iowa, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was First Central State Bank, based in De Witt, Iowa.

SBA Loan Borrower

COMPANY TYPE: SOLID WASTE COLLECTION
LE CLAIRE, IA 52753

SBA Loan Lender

FIRST CENTRAL STATE BANK
914 6TH AVE
DE WITT, IA 52742

This lender processed this SBA business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

562111 - Solid Waste Collection

Loan Approval Date

4/10/2007

Loan Approval Gross Amount

$38,000

Loan Approval from the SBA

Of the total $38,000 loan amount, the SBA guaranteed $19,000.

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 no employees. The SBA loan documents indicated that the borrowed money would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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.

Related Links:

Business Credit Evaluation

Banks in De Witt, Iowa

Getting an SBA Loan in Iowa