SBA Loan from Northwoods State Bank Helps Physicians Company

Northwoods State Bank has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mason City, Iowa was able to borrow $75,500 from Northwoods State Bank. The SBA made the loan possible by guaranteeing $64,175 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: PHYSICIANS
MASON CITY, IA 50401

SBA Loan Lender

NORTHWOODS STATE BANK
451 S ILLINOIS
MASON CITY, IA 50401

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621111 - Physicians

Loan Approval Date

9/5/2001

Loan Approval Gross Amount

$75,500

Loan Approval from the SBA

Of the total $75,500 loan amount, the SBA guaranteed $64,175.

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 4 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to hire new 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Northwoods State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Northwoods State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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