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May 14, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > West Des Moines, Business Loans > West Bank West Des Moines Business Loans > Men's Clothing Stores Loan | ||||
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Getting a Business Loan in Des Moines, Iowa
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Des Moines, Iowa Entrepreneur Gets a Bank LoanIowaSmall business loans are available to Iowa small business owners through the SBA. In this case, an Iowa bank provides the loan. This business, based in Des Moines, Iowa, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from West Bank. We've got the inside scoop on this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: MEN'S CLOTHING STORES SBA Loan Lender WEST BANK This lender issued this particular SBA 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 448110 - Men's Clothing Stores Loan Approval Date 7/30/2001 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 28 employees. This SBA loan request did not indicate that the company promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business 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. 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: Family and Friend Investors - Your First Financiers Where to Get an SBA Loan in West Des Moines, Iowa
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