Local Business Gets an Iowa Business Loan

Business loans in Iowa are tough to come by these days. We take a look at one Iowa business loan, provided by an Iowa bank, that was approved by the SBA.

Getting a small business loan in Sioux City, Iowa was a top priority for this SBA-financed company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Vantus Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
SIOUX CITY, IA 51102

SBA Loan Lender

VANTUS BANK
329 PIERCE ST
SIOUX CITY, IA 51101

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 loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

2/18/2005

Loan Approval Gross Amount

$478,165

Loan Approval from the SBA

Of the total $478,165 loan amount, the SBA guaranteed $358,624.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 34 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

Advice on Getting a Small Business Loan

Banks in Sioux City, Iowa

Getting a Business Loan in Iowa