Somers, Iowa Business Gets SBA-Guaranteed Funding from Security Savings Bank

Security Savings 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.

This small firm knew how to go about getting a business bank loan. Based in Somers, Iowa, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Security Savings Bank, based in Farnhamville, Iowa.

SBA Loan Borrower

COMPANY TYPE: SPECIALIZED LOCAL FREIGHT TRUCKING
SOMERS, IA 50586

SBA Loan Lender

SECURITY SAVINGS BANK
320 GARFIELD
FARNHAMVILLE, IA 50538

This lender issued this particular business 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

484220 - Specialized Local Freight Trucking

Loan Approval Date

11/4/2003

Loan Approval Gross Amount

$34,000

Loan Approval from the SBA

Of the total $34,000 loan amount, the SBA guaranteed $28,900.

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 only one employee. This SBA loan request did not indicate that the business 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?

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Security Savings Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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.

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