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May 19, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Waterloo, Business Loans > Lincoln Savings Bank Waterloo Business Loans > Animal Food Manufacturing Loan | ||||
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Iowa SBA Loans from Lincoln Savings Bank
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Waterloo, Iowa Business Gets SBA-Guaranteed Funding from Lincoln Savings BankLincoln Savings Bank has a track record as a leading provider of SBA loans. Find out how this Iowa entrepreneur received an SBA loan from them. Getting a small business loan in Waterloo, Iowa was an essential business goal for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Lincoln Savings Bank, operating out of Waterloo, Iowa. Here are the details on this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: ANIMAL FOOD MANUFACTURING SBA Loan Lender LINCOLN SAVINGS BANK This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . 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 311119 - Animal Food Manufacturing Loan Approval Date 12/22/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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: Best Waterloo, Iowa Banks for Small Business
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