Hedrick Savings Bank SBA Loan to Automotive Parts And Accessories Stores Company

An SBA loan from Hedrick Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Ottumwa, Iowa business owner got a $47,500 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ottumwa, Iowa was able to borrow $47,500 from Hedrick Savings Bank. The SBA made the loan possible by guaranteeing $40,375 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES
OTTUMWA, IA 52501

SBA Loan Lender

HEDRICK SAVINGS BANK
216 S MARKET ST
OTTUMWA, IA 52501

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

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

12/30/2002

Loan Approval Gross Amount

$47,500

Loan Approval from the SBA

Of the total $47,500 loan amount, the SBA guaranteed $40,375.

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 documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Hedrick Savings Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Financing Your Business

SBA 7A Banks in Ottumwa, Iowa

Getting a Business Loan in Iowa