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May 11, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Red Oak, Business Loans > Houghton State Bank Red Oak Business Loans > Sanitary Services Loan | ||||
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Iowa Small Business SBA Loans
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Firm Gets an Iowa Business LoanIowaSmall business loans are available to Iowa small business owners through the SBA. In this case, an Iowa bank provides the loan. By giving the right information to Houghton State Bank, this Lewis, Iowa business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: SANITARY SERVICES SBA Loan Lender HOUGHTON STATE BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4959 - Sanitary Services NAICS Code 562211 - Hazardous Waste Treatment and Disposal Loan Approval Date 2/1/2001 Loan Approval Gross Amount $57,500 Loan Approval from the SBA Of the total $57,500 loan amount, the SBA guaranteed $48,875. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the business planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My 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. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $57,500 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: SBA Participating Banks in Red Oak, Iowa
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