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May 16, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Council Bluffs, Business Loans > Midstates Bank Council Bluffs Business Loans > Carpet And Upholstery Cleaning Services Loan | ||||
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How to Get SBA Money in Missouri Valley, Iowa
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Local Business Gets an Iowa Small Business LoanBusiness loans in Iowa are are few and far betweeen these days. We take a look at one Iowa business loan, provided by an Iowa bank, that was approved by the SBA. You can learn something about getting a small business loan in Missouri Valley, Iowa by studying this loan to a local business, made back in 2005. Banks like Midstates Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: CARPET AND UPHOLSTERY CLEANING SERVICES SBA Loan Lender MIDSTATES BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561740 - Carpet and Upholstery Cleaning Services Loan Approval Date 5/18/2005 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $17,000. 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 only one employee. The loan application did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midstates Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Determining Proper Capital Structure for a Business Best Banks in Council Bluffs, Iowa
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