Insurance Agencies and Brokerages Small Business Loans

Looking for small business loans for insurance agencies and brokerages? Talk to a banker who works with the SBA. This $130,500 insurance agencies and brokerages loan was issued by an Iowa bank.

This small firm knew how to go about getting a business bank loan. Based in West Des Moines, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was First State Bank Iowa, based in New Hampton, Iowa.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
WEST DES MOINES, IA 50265

SBA Loan Lender

FIRST STATE BANK IOWA
22 W MAIN ST
NEW HAMPTON, IA 50659

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

8/5/2004

Loan Approval Gross Amount

$130,500

Loan Approval from the SBA

Of the total $130,500 loan amount, the SBA guaranteed $110,925.

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 application for the borrower did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First State Bank Iowa and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

The Friends and Family Network

Small Bank Loans in New Hampton, Iowa

Browse All Business Loan Sources for Iowa