West Bank SBA Loan to Nail Salons Company

West Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Iowa entrepreneur was able to get a loan to take a small business to the next level.

This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with West Bank, out of West Des Moines, Iowa. The loan was granted and they received $53,500 to help grow their West Des Moines, Iowa business.

SBA Loan Borrower

COMPANY TYPE: NAIL SALONS
WEST DES MOINES, IA 50265

SBA Loan Lender

WEST BANK
1601 22ND ST
WEST DES MOINES, IA 50266

This lender issued this particular SBA small business 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

812113 - Nail Salons

Loan Approval Date

8/10/2005

Loan Approval Gross Amount

$53,500

Loan Approval from the SBA

Of the total $53,500 loan amount, the SBA guaranteed $45,475.

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 3 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $53,500 loan. Remember, feel the fear, and do it anyway.

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:

How Equity Dilution Works

Good Banks for Small Business in West Des Moines, Iowa

SBA Iowa Lenders