Vantus Bank Gives Bank Loan to Drycleaning And Laundry Services Company

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

You can learn something about getting a small business loan in Newton, Iowa by studying this loan to a local business, made back in 2007. Banks like Vantus Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
NEWTON, IA 50208

SBA Loan Lender

VANTUS BANK
329 PIERCE ST
SIOUX CITY, IA 51101

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

9/13/2007

Loan Approval Gross Amount

$189,500

Loan Approval from the SBA

Of the total $189,500 loan amount, the SBA guaranteed $94,750.

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 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Vantus Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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