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May 14, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Sioux Center, Business Loans > First National Bank Sioux Center Business Loans > Beauty Salons Loan | ||||
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First National Bank
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SBA Loan from First National Bank Helps Beauty Salons CompanyAn SBA loan from First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Sioux City, Iowa business owner got a $60,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux City, Iowa was able to borrow $60,000 from First National Bank. The SBA made the loan possible by guaranteeing $51,000 of this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender FIRST NATIONAL BANK This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812112 - Beauty Salons Loan Approval Date 2/23/2007 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 10 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to add employees or retain any existing employees. Getting an SBA Loan For Your Business The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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. Related Links: Dealing With Venture Capitalists Who Lends Money to Small Businesses in Sioux Center, Iowa SBA Participating Banks in Iowa
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