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May 14, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Corning, Business Loans > Okey-Vernon 1st National Corning Business Loans > Highway And Street Construction Loan | ||||
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Okey-Vernon 1st National
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SBA Loan from Okey-Vernon 1st National Helps Highway And Street Construction CompanyOkey-Vernon 1st National is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Iowa entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Corning, Iowa was able to borrow $100,000 from Okey-Vernon 1st National. The SBA made the loan possible by guaranteeing $85,000 of this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: HIGHWAY AND STREET CONSTRUCTION SBA Loan Lender OKEY-VERNON 1ST NATIONAL This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 234110 - Highway and Street Construction Loan Approval Date 10/17/2002 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 12 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Okey-Vernon 1st National and they will explain how you can get an SBA loan for your company. 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: Accountant's Role in Securing Financing Small Bank Loans in Corning, Iowa
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