Business Loan from First Bank Given to Bowling Centers Company

First Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Iowa entrepreneur who tapped into the power of SBA loans.

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

SBA Loan Borrower

COMPANY TYPE: BOWLING CENTERS
WAUKEE, IA 50633

SBA Loan Lender

FIRST BANK
8460 BIRCHWOOD CT, STE 1100
JOHNSTON, IA 50131

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

713950 - Bowling Centers

Loan Approval Date

1/26/2005

Loan Approval Gross Amount

$460,000

Loan Approval from the SBA

Of the total $460,000 loan amount, the SBA guaranteed $345,000.

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 10 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Waukee IA, you ought to talk with a local Waukee SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Waukee businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Accountant's Role in Securing Financing

SBA 7A Lenders in Johnston, Iowa

SBA Lenders in Iowa