Elk Horn, Iowa Entrepreneur Gets a Business Loan

Would an Iowa bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Iowa bank, which offers SBA loans to Iowa entrepreneurs.

This company, based in Elk Horn, 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 Shelby County State Bank. We've got the inside scoop on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPERMARKETS AND GROCERY STORES
ELK HORN, IA 51531

SBA Loan Lender

SHELBY COUNTY STATE BANK
4039 MAIN ST
ELK HORN, IA 51531

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445110 - Supermarkets and Grocery Stores

Loan Approval Date

5/30/2006

Loan Approval Gross Amount

$143,000

Loan Approval from the SBA

Of the total $143,000 loan amount, the SBA guaranteed $121,550.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Shelby County State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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