Storm Lake, Iowa Business Gets SBA-Guaranteed Funding from Heritage Bank

An SBA loan from Heritage Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Storm Lake, Iowa business owner got a $216,500 loan.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Heritage Bank, out of Alta, Iowa. The loan was granted and they received $216,500 to help grow their Storm Lake, Iowa business.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT
STORM LAKE, IA 50588

SBA Loan Lender

HERITAGE BANK
202 MAIN ST
ALTA, IA 51002

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811310 - Commercial and Industrial Machinery and Equipment

Loan Approval Date

4/8/2002

Loan Approval Gross Amount

$216,500

Loan Approval from the SBA

Of the total $216,500 loan amount, the SBA guaranteed $162,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Heritage Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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