How to Get a Loan for General Merchandise Stores

With these business loans for general merchandise stores, the SBA guarantees the lender that the loan will be repaid. This general merchandise stores loan for $85,000 was given to an Iowa entrepreneur in 2002.

This small business knew how to go about getting a business bank loan. Based in Des Moines, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Community Bank, based in Nevada, Iowa.

SBA Loan Borrower

COMPANY TYPE: GENERAL MERCHANDISE STORES
DES MOINES, IA 50322

SBA Loan Lender

COMMUNITY BANK
1121 SOUTH G AVE
NEVADA, IA 50201

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

4/16/2002

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

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. The loan application did not indicate that the business promised to use the funding to add employees or retain any existing employees.

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

If you want money for new small business in Des Moines IA, you ought to talk with a local Des Moines SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Des Moines businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Community Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Equity Financing

Find an SBA Lender in Nevada, Iowa

Iowa SBA Banks