SBA Loan from Iowa State Bank Helps Household Appliance Stores Company

An SBA loan from Iowa State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Orange City, Iowa business owner got a $150,000 loan.

Getting a small business loan in Orange City, Iowa was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Iowa State Bank, operating out of Orange City, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD APPLIANCE STORES
ORANGE CITY, IA 51041

SBA Loan Lender

IOWA STATE BANK
105 ALBANY SE
ORANGE CITY, IA 51041

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

443111 - Household Appliance Stores

Loan Approval Date

9/17/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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

Start the Process for Getting an SBA Loan Today!

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, fight for what you want, and it will be yours!

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.

Related Links:

Determining Proper Capital Structure for a Business

Find an SBA Lender in Orange City, Iowa

SBA Participating Banks in Iowa