Company Gets an Iowa Bank Loan

Want an Iowa SBA loan? This Iowa entrepreneur got an SBA loan, provided by an Iowa bank that works with the SBA to help small business owners.

This company, based in Perry, Iowa, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Raccoon Valley Bank. We've got the inside scoop on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: MEN'S AND BOYS' CLOTHING
PERRY, IA 50220

SBA Loan Lender

RACCOON VALLEY BANK
1009 COURT ST
ADEL, IA 50003

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2329 - Men's and Boys' Clothing

Loan Approval Date

1/25/2000

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Strategic Investors

SBA 7A Banks for Adel, Iowa Loans

Getting an SBA Loan in Iowa