SBA Loan from Malvern Trust & Savings Bank Helps Gift, Novelty, And Souvenir Stores Company

An SBA loan from Malvern Trust & Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Malvern, Iowa business owner got a $70,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Malvern, Iowa was able to borrow $70,000 from Malvern Trust & Savings Bank. The SBA made the loan possible by guaranteeing $59,500 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES
MALVERN, IA 51551

SBA Loan Lender

MALVERN TRUST & SAVINGS BANK
404 MAIN ST
MALVERN, IA 51551

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. 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

453220 - Gift, Novelty, and Souvenir Stores

Loan Approval Date

8/25/2004

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

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 4 employees. The SBA loan documents did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

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

If you have been wondering how do i get money to start a business in Malvern IA, you ought to talk with a local Malvern SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Malvern 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 Malvern Trust & Savings 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:

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Small Business Banks in Malvern, Iowa

Iowa SBA Bank Lenders