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May 15, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Akron, Business Loans > 1st National Bank - Akron Akron Business Loans > Beauty Salons Loan | ||||
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Akron SBA Lenders
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Akron, Iowa Bank Lends Money to Beauty Salons Company in Sioux City, IowaThinking about meeting with an Akron, Iowa bank about a business loan? Here's one Iowa business loan, issued by an Akron bank, that was approved by the SBA. Applying for an SBA loan with 1st National Bank - Akron worked out well for our friends at one local business in Sioux City, Iowa. The business was able to get an SBA loan for $27,000. Sweet! SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender 1ST NATIONAL BANK - AKRON This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812112 - Beauty Salons Loan Approval Date 11/23/2004 Loan Approval Gross Amount $27,000 Loan Approval from the SBA Of the total $27,000 loan amount, the SBA guaranteed $22,950. 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 only one employee. This SBA loan request did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $27,000 loan. Remember, where there is a will, there is a way! 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: Banking Deregulation's Effects on Entrepreneurship SBA Approved Banks in Akron, Iowa
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