Spencer, Iowa Bank Lends Money to Jewelry Manufacturing Company in Storm Lake, Iowa

Find Spencer, Iowa banks that specialize in business loans and know how to work with entrepreneurs. Community State Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Storm Lake, Iowa starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Community State Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: JEWELRY MANUFACTURING
STORM LAKE, IA 50588

SBA Loan Lender

COMMUNITY STATE BANK
1812 HWY BLVD
SPENCER, IA 51301

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

339911 - Jewelry Manufacturing

Loan Approval Date

5/13/2005

Loan Approval Gross Amount

$45,000

Loan Approval from the SBA

Of the total $45,000 loan amount, the SBA guaranteed $38,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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