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November 15, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Fort Dodge, Business Loans > First American Bank Fort Dodge Business Loans > Machine Shops Loan | ||||
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First American Bank Small Business Loan
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Raising Money for Machine ShopsWith these bank loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $50,000 was given to an Iowa entrepreneur in 2007. This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with First American Bank, out of Fort Dodge, Iowa. The loan was granted and they received $50,000 to help grow their West Des Moines, Iowa business. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender FIRST AMERICAN BANK This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. 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 332710 - Machine Shops Loan Approval Date 3/27/2007 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 only one employee. The loan application indicated that the loan would help generate 4 new jobs. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. This SBA loan was for $50,000. How would you spend $50,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: SBA 7A Banks in Fort Dodge, Iowa
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