Growing Company Gets an Iowa Small Business Loan

Bank loans in Iowa are hard to find these days. We take a look at one Iowa bank loan, provided by an Iowa bank, that was approved by the SBA.

Getting a small business loan in Paullina, Iowa was a top priority for this loan applicant back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Savings Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: HOG AND PIG FARMING
PAULLINA, IA 51046

SBA Loan Lender

SAVINGS BANK
185 S GREEN AVE
PRIMGHAR, IA 51245

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide 7A business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

112210 - Hog and Pig Farming

Loan Approval Date

11/3/2004

Loan Approval Gross Amount

$550,000

Loan Approval from the SBA

Of the total $550,000 loan amount, the SBA guaranteed $412,500.

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 SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

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

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:

Bank Credit Lines

Small Business Banks in Primghar, Iowa

Where to Get an SBA Loan Iowa