Sioux Center, Iowa Lender Lends Money to Eating Places Company

Find Sioux Center, Iowa banks that specialize in business loans and know how to work with entrepreneurs. American State Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Lemars, Iowa starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from American State Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
LEMARS, IA 51031

SBA Loan Lender

AMERICAN STATE BANK
525 N MAIN AVE
SIOUX CENTER, IA 51250

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

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

11/24/2000

Loan Approval Gross Amount

$33,500

Loan Approval from the SBA

Of the total $33,500 loan amount, the SBA guaranteed $26,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or need money to grow a business, an SBA loan can be a great funding source

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 American State 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.

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