Business Loan from Iowa State Bank Given to Vending Machine Operators Company

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

Getting a small business loan in Urbandale, Iowa was an essential business goal for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Iowa State Bank, operating out of Des Moines, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: VENDING MACHINE OPERATORS
URBANDALE, IA 50322

SBA Loan Lender

IOWA STATE BANK
627 E LOCUST ST
DES MOINES, IA 50309

This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454210 - Vending Machine Operators

Loan Approval Date

5/19/2005

Loan Approval Gross Amount

$171,000

Loan Approval from the SBA

Of the total $171,000 loan amount, the SBA guaranteed $128,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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 need seed money for 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:

Role of Business Plan When Raising Money

SBA 7A Banks in Des Moines, Iowa

Iowa SBA Banks