Grocery and Related Products Merchant Wholesalers Bank Loans

With these bank loans for grocery and related products merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This grocery and related products merchant wholesalers loan for $94,900 was given to an Iowa entrepreneur in 2003.

Getting a small business loan in Cedar Falls, Iowa was important for this growing firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Bankiowa, operating out of Cedar Falls, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY AND RELATED PRODUCTS MERCHANT WHOLESALERS
CEDAR FALLS, IA 50613

SBA Loan Lender

BANKIOWA
6804 UNIVERSITY AVE
CEDAR FALLS, IA 50613

This lender issued this particular bank 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

424490 - Grocery and Related Products Merchant Wholesalers

Loan Approval Date

12/3/2003

Loan Approval Gross Amount

$94,900

Loan Approval from the SBA

Of the total $94,900 loan amount, the SBA guaranteed $80,665.

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 3 employees. The loan application did not indicate that the company planned to use the funding to hire new employees 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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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