Entrepreneur Works With Morning Sun, Iowa Bank to Get an SBA Loan

Thinking about meeting with a Morning Sun, Iowa bank about a small business loan? Here's one Iowa business loan, issued by a Morning Sun bank, that was approved by the SBA.

Applying for an SBA loan with Iowa State Bank worked out well for our friends at one local company in Winfield, Iowa. The business was able to get an SBA loan for $118,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
WINFIELD, IA 52659

SBA Loan Lender

IOWA STATE BANK
509 S MAIN ST
MORNING SUN, IA 52640

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

12/23/2005

Loan Approval Gross Amount

$118,000

Loan Approval from the SBA

Of the total $118,000 loan amount, the SBA guaranteed $100,300.

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 only one employee. The SBA loan documents did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This SBA loan was for $118,000. How would you spend $118,000 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:

Debt Financing

SBA 7A Banks for Morning Sun, Iowa Loans

Iowa SBA 7A Banks