Spencer, Iowa Bank Lends Money to Amusement And Recreation Industries Company in Okoboji, Iowa

Want to talk with a Spencer, Iowa bank about a business loan? Here's one Iowa business loan, issued by a Spencer bank, that was approved by the SBA.

Applying for an SBA loan with Northwest Federal Savings Bank worked out well for our friends at one local company in Okoboji, Iowa. The business was able to get an SBA loan for $27,600. Nice!

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION INDUSTRIES
OKOBOJI, IA 51355

SBA Loan Lender

NORTHWEST FEDERAL SAVINGS BANK
101 W 5TH ST
SPENCER, IA 51301

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

713990 - Amusement and Recreation Industries

Loan Approval Date

3/22/2004

Loan Approval Gross Amount

$27,600

Loan Approval from the SBA

Of the total $27,600 loan amount, the SBA guaranteed $23,460.

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 SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

While you may be able to find other ways to get money to start a business, 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.

SBA 7A Banks in Spencer, Iowa

SBA Lenders in Iowa