Entrepreneur Works With West Union, Iowa Bank to Get an SBA Loan

A West Union, Iowa SBA loan can be yours. Learn how a company got a $38,000 business loan from this Iowa bank.

This loan to an entrepreneur is a good example of an SBA loan. 1st National Bank - W. Union made the loan and the SBA guaranteed a portion of the loan. Many other Iowa entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT
WADENA, IA 52169

SBA Loan Lender

1ST NATIONAL BANK - W. UNION
115 N VINE ST
WEST UNION, IA 52175

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811310 - Commercial and Industrial Machinery and Equipment

Loan Approval Date

3/15/2007

Loan Approval Gross Amount

$38,000

Loan Approval from the SBA

Of the total $38,000 loan amount, the SBA guaranteed $19,000.

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 SBA loan documents indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

If you need business start up money in Wadena IA, you ought to talk with a local Wadena SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Wadena businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st National Bank - W. Union had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank - W. Union 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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