Local Business Gets an Iowa SBA Loan

IowaBusiness loans are available to Iowa business owners through the SBA. In this case, an Iowa bank provides the loan.

This business, based in Sumner, Iowa, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Fidelity Bank & Trust. We've got the inside scoop on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPPORT ACTIVITIES FOR ANIMAL PRODUCTION
SUMNER, IA 50674

SBA Loan Lender

FIDELITY BANK & TRUST
1 W CHARLES
OELWEIN, IA 50662

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

115210 - Support Activities for Animal Production

Loan Approval Date

5/10/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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 Fidelity Bank & Trust 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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