Borrowing Money for Exam Preparation and Tutoring

Looking for small business loans for exam preparation and tutoring? Try the SBA. This $18,000 exam preparation and tutoring loan was issued by an Iowa bank.

This small firm knew how to go about getting a business bank loan. Based in Storm Lake, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Metabank, based in Storm Lake, Iowa.

SBA Loan Borrower

COMPANY TYPE: EXAM PREPARATION AND TUTORING
STORM LAKE, IA 50588

SBA Loan Lender

METABANK
121 E 5TH ST
STORM LAKE, IA 50588

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

611691 - Exam Preparation and Tutoring

Loan Approval Date

4/17/2002

Loan Approval Gross Amount

$18,000

Loan Approval from the SBA

Of the total $18,000 loan amount, the SBA guaranteed $15,300.

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 only one employee. The loan application did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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:

Banking Deregulation's Effects on Entrepreneurship

SBA Participating Banks in Storm Lake, Iowa

Iowa SBA 7A Banks