Iowa Small Business Loan Issued to Machine Shops Company

Want an Iowa bank loan? This Iowa entrepreneur got a bank loan, provided by an Ohio bank that works with the SBA to help small business owners.

Getting a small business loan in Mt. Auburn, Iowa was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from U.S. Bank National Association. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
MT. AUBURN, IA 52313

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

This bank 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

332710 - Machine Shops

Loan Approval Date

5/17/2001

Loan Approval Gross Amount

$49,500

Loan Approval from the SBA

Of the total $49,500 loan amount, the SBA guaranteed $42,075.

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 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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.

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