SBA Loan from Pilot Grove Savings Bank Helps Locksmiths Company

An SBA loan from Pilot Grove Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mt. Pleasant, Iowa business owner got a $45,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mt. Pleasant, Iowa was able to borrow $45,000 from Pilot Grove Savings Bank. The SBA made the loan possible by guaranteeing $38,250 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: LOCKSMITHS
MT. PLEASANT, IA 52641

SBA Loan Lender

PILOT GROVE SAVINGS BANK
1341 PILOT GROVE RD
PILOT GROVE, IA 52648

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561622 - Locksmiths

Loan Approval Date

11/3/2004

Loan Approval Gross Amount

$45,000

Loan Approval from the SBA

Of the total $45,000 loan amount, the SBA guaranteed $38,250.

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 only one employee. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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