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May 18, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Johnston, Business Loans > Polk County Bank Johnston Business Loans > Gift, Novelty, And Souvenir Stores Loan | ||||
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Banks for Des Moines, Iowa Businesses
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Gift, Novelty, and Souvenir Stores LoansLooking for loans for gift, novelty, and souvenir stores? Talk to a banker who works with the SBA. This $141,000 gift, novelty, and souvenir stores loan was issued by an Iowa bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Des Moines, Iowa was able to borrow $141,000 from Polk County Bank. The SBA made the loan possible by guaranteeing $119,850 of this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES SBA Loan Lender POLK COUNTY BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 453220 - Gift, Novelty, and Souvenir Stores Loan Approval Date 6/28/2001 Loan Approval Gross Amount $141,000 Loan Approval from the SBA Of the total $141,000 loan amount, the SBA guaranteed $119,850. 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 SBA loan documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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 Polk County 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: Best Johnston, Iowa Banks for Small Business
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