Hedrick Savings Bank SBA Loan to No Industry Type Specified Company

Searching for an Iowa business loan? Here's one Iowa business loan that was approved by the SBA.

This up and coming company knew how to go about getting a business bank loan. Based in Ottumwa, Iowa, they applied for and were given an SBA-guaranteed loan in 2005. The lending bank was Hedrick Savings Bank, based in Ottumwa, Iowa.

SBA Loan Borrower

COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
OTTUMWA, IA 52501

SBA Loan Lender

HEDRICK SAVINGS BANK
2457 NORTH CT
OTTUMWA, IA 52801

This lender issued this SBA bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

517510 -

Loan Approval Date

7/14/2005

Loan Approval Gross Amount

$42,000

Loan Approval from the SBA

Of the total $42,000 loan amount, the SBA guaranteed $35,700.

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 only one employee. The loan application did not indicate that the business promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you have been wondering how do i get money to start a business in Ottumwa IA, you ought to talk with a local Ottumwa SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Ottumwa businesses.

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.

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