SBA Loan from City State Bank Helps Grocery And Related Products Merchant Wholesalers Company
City State 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 knew how to go about getting a business bank loan. Based in Ankeny, Iowa, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was City State Bank, based in Norwalk, Iowa.
SBA Loan Borrower
COMPANY TYPE: GROCERY AND RELATED PRODUCTS MERCHANT WHOLESALERS
ANKENY, IA 50021
SBA Loan Lender
CITY STATE BANK
801 MAIN ST
NORWALK, IA 50211
This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program involves 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
424490 - Grocery and Related Products Merchant Wholesalers
Loan Approval Date
8/3/2005
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had only one employee. The loan application did not indicate that the business promised to use the funding 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.
If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from City State Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
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SBA 7A Banks in Norwalk, Iowa
Getting an SBA Loan in Iowa