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December 23, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Holstein, Business Loans > American National Bank Holstein Business Loans > Commercial And Industrial Machinery And Equipment Loan | ||||
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Small Business Banks for Sac City Small Business Owners
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Business Loans for Commercial and Industrial Machinery and EquipmentWith these business loans for commercial and industrial machinery and equipment, the SBA guarantees the lender that the loan will be repaid. This commercial and industrial machinery and equipment loan for $127,500 was given to an Iowa entrepreneur in 2005. Getting a small business loan in Sac City, Iowa was important for this business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from American National Bank, operating out of Holstein, Iowa. Here are the details on this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT SBA Loan Lender AMERICAN NATIONAL BANK This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811310 - Commercial and Industrial Machinery and Equipment Loan Approval Date 7/15/2005 Loan Approval Gross Amount $127,500 Loan Approval from the SBA Of the total $127,500 loan amount, the SBA guaranteed $108,375. More Information on This SBA Loan The borrower borrowed this money for a new 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 3 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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: Realistic Debt Financing Options
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