Okoboji, Iowa Business Gets SBA-Guaranteed Funding from Bank Midwest Minnesota Iowa Na

An SBA loan from Bank Midwest Minnesota Iowa Na typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Okoboji, Iowa business owner got a $60,000 loan.

This business knew how to go about getting a business bank loan. Based in Okoboji, Iowa, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Bank Midwest Minnesota Iowa Na, based in Fairmont, Minnesota.

SBA Loan Borrower

COMPANY TYPE: HOBBY, TOY, AND GAME STORES
OKOBOJI, IA 51355

SBA Loan Lender

BANK MIDWEST MINNESOTA IOWA NA
118 DOWNTOWN PLAZA
FAIRMONT, MN 56031

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

451120 - Hobby, Toy, and Game Stores

Loan Approval Date

3/24/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for 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.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Bank Midwest Minnesota Iowa Na and they will explain how you can get an SBA loan for your company.

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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