Business Loan from Farmers Savings Bank & Trust-Vin Given to Family Clothing Stores Company

An SBA loan from Farmers Savings Bank & Trust-Vin typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Vinton, Iowa business owner got a $150,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Farmers Savings Bank & Trust-Vin, out of Vinton, Iowa. The loan was granted and they received $150,000 to help grow their Vinton, Iowa business.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
VINTON, IA 52349

SBA Loan Lender

FARMERS SAVINGS BANK & TRUST-VIN
401 'B' AVE
VINTON, IA 52349

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

7/9/2003

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 an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

While you may be able to borrow money from friends and family, 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:

How to Raise Money

Where to Get an SBA Loan in Vinton, Iowa

Iowa SBA Banks