Midwestone Bank SBA Loan to Computer And Computer Software Stores Company

Midwestone Bank has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them.

This small firm knew how to go about getting a business bank loan. Based in Oskaloosa, Iowa, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Midwestone Bank, based in Oskaloosa, Iowa.

SBA Loan Borrower

COMPANY TYPE: COMPUTER AND COMPUTER SOFTWARE STORES
OSKALOOSA, IA 52577

SBA Loan Lender

MIDWESTONE BANK
124 S 1ST ST
OSKALOOSA, IA 52577

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.

SIC Code

5734 - Computer and Computer Software Stores

NAICS Code

443120 - Computer and Software Stores

Loan Approval Date

8/22/2000

Loan Approval Gross Amount

$47,500

Loan Approval from the SBA

Of the total $47,500 loan amount, the SBA guaranteed $38,000.

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 2 employees. The loan application did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need business start up money in Oskaloosa IA, you ought to talk with a local Oskaloosa SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Oskaloosa businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Accountant's Role in Securing Financing

SBA Participating Banks in Oskaloosa, Iowa

Getting a Business Loan in Iowa