Red Oak, Iowa Business Gets SBA-Guaranteed Funding from Houghton State Bank

An SBA loan from Houghton State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Red Oak, Iowa business owner got a $180,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Red Oak, Iowa, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Houghton State Bank, based in Red Oak, Iowa.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES
RED OAK, IA 51566

SBA Loan Lender

HOUGHTON STATE BANK
116 COOLBAUGH ST
RED OAK, IA 51566

This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

7/25/2005

Loan Approval Gross Amount

$180,000

Loan Approval from the SBA

Of the total $180,000 loan amount, the SBA guaranteed $135,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great way to raise money

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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

Best Banks in Red Oak, Iowa

Browse All Business Loan Sources for Iowa