Business Loan from Bank Midwest Minnesota Iowa Na Given to Electrical And Electronic Appliance, Television, And Radio Sets Company

Bank Midwest Minnesota Iowa Na has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them.

This business knew how to go about getting a business bank loan. Based in Spirit Lake, Iowa, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Bank Midwest Minnesota Iowa Na, based in Okoboji, Iowa.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL AND ELECTRONIC APPLIANCE, TELEVISION, AND RADIO SETS
SPIRIT LAKE, IA 51360

SBA Loan Lender

BANK MIDWEST MINNESOTA IOWA NA
1102 SANBORN AVE
OKOBOJI, IA 51355

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423620 - Electrical and Electronic Appliance, Television, and Radio Sets

Loan Approval Date

5/9/2003

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 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.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer 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.

Related Links:

Equity Financing

Banks in Okoboji, Iowa

Getting a Business Loan in Iowa