SBA Loans for General Automotive Repair

Looking for SBA loans for general automotive repair? The SBA may be the answer. This $17,400 general automotive repair loan was issued by an Iowa bank.

Getting a small business loan in Maquoketa, Iowa was important for this business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Iowa Bank, operating out of Bellevue, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
MAQUOKETA, IA 52060

SBA Loan Lender

IOWA BANK
300 N SECOND ST
BELLEVUE, IA 52031

This lender issued this particular 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

811111 - General Automotive Repair

Loan Approval Date

3/6/2002

Loan Approval Gross Amount

$17,400

Loan Approval from the SBA

Of the total $17,400 loan amount, the SBA guaranteed $14,790.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Iowa Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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