Raising Money for Locksmiths

With these business loans for locksmiths, the SBA guarantees the lender that the loan will be repaid. This locksmiths loan for $150,000 was given to an Iowa entrepreneur in 2004.

This small business knew how to go about getting a business bank loan. Based in Altoona, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Bank Iowa, based in Altoona, Iowa.

SBA Loan Borrower

COMPANY TYPE: LOCKSMITHS
ALTOONA, IA 50009

SBA Loan Lender

BANK IOWA
420 8TH ST SE
ALTOONA, IA 50009

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561622 - Locksmiths

Loan Approval Date

3/4/2004

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 an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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 Line of Credit

SBA 7A Banks in Altoona, Iowa

Getting a Business Loan in Iowa