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May 17, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Le Claire, Business Loans > First Central State Bank Le Claire Business Loans > Chiropractors Loan | ||||
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First Central State Bank
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Eldridge, Iowa Business Gets SBA-Guaranteed Funding from First Central State BankFirst Central 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. Getting a small business loan in Eldridge, Iowa was an essential business goal for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First Central State Bank, operating out of Le Claire, Iowa. Here are the details on this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: CHIROPRACTORS SBA Loan Lender FIRST CENTRAL STATE BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program requires 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 621310 - Chiropractors Loan Approval Date 2/3/2003 Loan Approval Gross Amount $109,000 Loan Approval from the SBA Of the total $109,000 loan amount, the SBA guaranteed $92,650. 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 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees 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. 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. Related Links: Who Lends Money to Small Businesses in Le Claire, Iowa Browse All Business Loan Sources for Iowa
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