Storm Lake, Iowa Business Gets SBA-Guaranteed Funding from Cit. 1st National Bank - Storm Lake

Cit. 1st National Bank - Storm Lake and the SBA work together to get business loans for growing small businesses. Here's an example of how an Iowa entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Storm Lake, Iowa was an essential business goal for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Cit. 1st National Bank - Storm Lake, operating out of Storm Lake, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
STORM LAKE, IA 50588

SBA Loan Lender

CIT. 1ST NATIONAL BANK - STORM LAKE
E 5TH & LAKE AVE
STORM LAKE, IA 50588

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451110 - Sporting Goods Stores

Loan Approval Date

5/7/2002

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

This SBA loan was for $120,000. How would you spend $120,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Business Incubators

Good Banks for Small Business in Storm Lake, Iowa

Getting a Business Loan in Iowa