Maquoketa, Iowa Entrepreneur Gets a Small Business Loan

Looking to get an Iowa bank loan? This Iowa entrepreneur got a bank loan, provided by an Iowa bank that works with the SBA to help small business owners.

This company, based in Maquoketa, Iowa, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Northwest Bank & Trust Company. We've got the inside scoop on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER, PERIPHERAL EQUIPMENT AND SOFTWARE MERCHANT WHOLESALER
MAQUOKETA, IA 52060

SBA Loan Lender

NORTHWEST BANK & TRUST COMPANY
100 E KIMBERLY
DAVENPORT, IA 52806

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423430 - Computer, Peripheral Equipment and Software Merchant Wholesaler

Loan Approval Date

9/24/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 7 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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