Business Loan from Metabank West Central Given to Excavation Contractors Company

An SBA loan from Metabank West Central typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Wiota, Iowa business owner got a $85,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Wiota, Iowa was able to borrow $85,000 from Metabank West Central. The SBA made the loan possible by guaranteeing $72,250 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION CONTRACTORS
WIOTA, IA 50274

SBA Loan Lender

METABANK WEST CENTRAL
101 E LOGAN ST
CASEY, IA 50048

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 is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235930 - Excavation Contractors

Loan Approval Date

6/11/2001

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

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. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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Where to Get an SBA Loan Iowa