Clothing Stores Business Loans

With these business loans for clothing stores, the SBA guarantees the lender that the loan will be repaid. This clothing stores loan for $127,300 was given to an Iowa entrepreneur in 2006.

Getting a small business loan in Mason City, Iowa was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from First Citizens National Bank, operating out of Mason City, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: CLOTHING STORES
MASON CITY, IA 50401

SBA Loan Lender

FIRST CITIZENS NATIONAL BANK
2601 4TH ST SW
MASON CITY, IA 50401

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448190 - Clothing Stores

Loan Approval Date

5/11/2006

Loan Approval Gross Amount

$127,300

Loan Approval from the SBA

Of the total $127,300 loan amount, the SBA guaranteed $108,205.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in Mason City IA, you ought to talk with a local Mason City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mason City businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Bank Credit Lines

SBA 7A Lenders in Mason City, Iowa

Where to Get an SBA Loan Iowa