How to Get a Loan for Electric Power Generation

Looking for business loans for electric power generation? Try the SBA. This $18,300 electric power generation loan was issued by an Iowa bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Merrill, Iowa was able to borrow $18,300 from Amer Bank. The SBA made the loan possible by guaranteeing $14,640 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FUEL OIL DEALERS
MERRILL, IA 51038

SBA Loan Lender

AMER BANK
234 5TH AVE SW
LE MARS, IA 51031

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.

SIC Code

5983 - Fuel Oil Dealers

NAICS Code

221119 - Electric Power Generation

Loan Approval Date

10/19/2000

Loan Approval Gross Amount

$18,300

Loan Approval from the SBA

Of the total $18,300 loan amount, the SBA guaranteed $14,640.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Amer Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Amer 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.

Related Links:

The Art of Bootstrapping

Find an SBA Lender in Le Mars, Iowa

SBA Participating Banks in Iowa