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May 14, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Le Mars, Business Loans > Amer Bank Le Mars Business Loans > Retail Stores Loan | ||||
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Iowa Bank SBA Loans
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Amer Bank SBA Loan to Retail Stores CompanyLooking to get an Iowa small business loan? Here's one Iowa business loan that was approved by the SBA. This local small business knew how to go about getting a business bank loan. Based in Le Mars, Iowa, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Amer Bank, based in Le Mars, Iowa. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender AMER BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores Loan Approval Date 4/11/2000 Loan Approval Gross Amount $31,500 Loan Approval from the SBA Of the total $31,500 loan amount, the SBA guaranteed $25,200. 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 SBA loan documents did not indicate that the SBA funding recipient planned 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. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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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