Cedar Rapids, Iowa Bank Gives SBA Loan to Machine Tool Manufacturing Company

Get to know Cedar Rapids, Iowa banks that specialize in business loans and know how to work with entrepreneurs. Cedar Rapids Bank & Trust is one such bank, as evidenced by this SBA loan to a growing company.

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

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
MAQUOKETA, IA 52060

SBA Loan Lender

CEDAR RAPIDS BANK & TRUST
500 1ST AVE NE, STE 100
CEDAR RAPIDS, IA 52401

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333513 - Machine Tool Manufacturing

Loan Approval Date

4/22/2002

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 49 employees. The SBA loan documents did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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