SBA Loan from First National Bank Helps Nursing And Personal Care Facilities, N.E.C Company

First National Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Iowa entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Sioux Center, Iowa was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from First National Bank, operating out of Sioux Center, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: NURSING AND PERSONAL CARE FACILITIES, N.E.C
SIOUX CENTER, IA 51250

SBA Loan Lender

FIRST NATIONAL BANK
242 N MAIN AVE
SIOUX CENTER, IA 51250

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8059 - Nursing and Personal Care Facilities, N.E.C

Loan Approval Date

1/28/2000

Loan Approval Gross Amount

$540,000

Loan Approval from the SBA

Of the total $540,000 loan amount, the SBA guaranteed $405,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Sioux Center IA, you ought to talk with a local Sioux Center SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Sioux Center 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:

Business Credit Evaluation

SBA Approved Banks in Sioux Center, Iowa

Iowa SBA 7A Lenders