Commercial Loans for Direct Selling Establishments

With these commercial loans for direct selling establishments, the SBA guarantees the lender that the loan will be repaid. This direct selling establishments loan for $60,000 was given to an Iowa entrepreneur in 2005.

This small business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Community State Bank, out of Spencer, Iowa. The loan was granted and they received $60,000 to help grow their Spirit Lake, Iowa business.

SBA Loan Borrower

COMPANY TYPE: DIRECT SELLING ESTABLISHMENTS
SPIRIT LAKE, IA 51360

SBA Loan Lender

COMMUNITY STATE BANK
1812 HWY BLVD
SPENCER, IA 51301

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454390 - Direct Selling Establishments

Loan Approval Date

4/11/2005

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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 16 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

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

If you are working on finding money to start a business in Spirit Lake IA, you ought to talk with a local Spirit Lake SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Spirit Lake businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Community State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Borrowing Money from Friends and Family

SBA 7A Lenders in Spencer, Iowa

Iowa SBA 7A Lenders