Red Oak, Iowa Bank Lends Money to Power Laundries, Family And Commercial Company in Red Oak, Iowa

Thinking about meeting with a Red Oak, Iowa bank about an SBA loan? Here's one Iowa business loan, issued by a Red Oak bank, that was approved by the SBA.

Applying for an SBA loan with Bank Iowa worked out well for our friends at one local company in Red Oak, Iowa. They received an SBA loan for $61,700. Nice!

SBA Loan Borrower

COMPANY TYPE: POWER LAUNDRIES, FAMILY AND COMMERCIAL
RED OAK, IA 51566

SBA Loan Lender

BANK IOWA
1805 N BROADWAY
RED OAK, IA 51566

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

7211 - Power Laundries, Family and Commercial

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

4/6/2000

Loan Approval Gross Amount

$61,700

Loan Approval from the SBA

Of the total $61,700 loan amount, the SBA guaranteed $49,360.

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 only one employee. This SBA loan request did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Bank Iowa so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Role of Business Plan When Raising Money

Who Lends Money to Small Businesses in Red Oak, Iowa

Where to Get an SBA Loan Iowa