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.

You can learn something about getting a small business loan in Waukon, Iowa by studying this loan to a local business, made back in 2004. Banks like Farmers & Merchants Savings Bk may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
WAUKON, IA 52172

SBA Loan Lender

FARMERS & MERCHANTS SAVINGS BK
201 W MAIN ST
WAUKON, IA 52172

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

2/20/2004

Loan Approval Gross Amount

$96,300

Loan Approval from the SBA

Of the total $96,300 loan amount, the SBA guaranteed $81,855.

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 documents did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Farmers & Merchants Savings Bk that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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