How to Get a Loan for Locksmiths

Looking for SBA loans for locksmiths? An SBA loan may be just what you've been looking for. This $86,000 locksmiths loan was issued by an Iowa bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Farmers State Bank, out of Marion, Iowa. The loan was granted and they received $86,000 to help grow their Cedar Rapids, Iowa business.

SBA Loan Borrower

COMPANY TYPE: LOCKSMITHS
CEDAR RAPIDS, IA 52405

SBA Loan Lender

FARMERS STATE BANK
1240 8TH AVE
MARION, IA 52302

This lender issued this particular business 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

3/25/2003

Loan Approval Gross Amount

$86,000

Loan Approval from the SBA

Of the total $86,000 loan amount, the SBA guaranteed $73,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Farmers State Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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