Lincoln Savings Bank SBA Loan to Eating Places Company

Searching for an Iowa business loan? Here's one Iowa business loan that was approved by the SBA.

This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Lincoln Savings Bank, out of Garwin, Iowa. The loan was granted and they received $24,600 to help grow their Garwin, Iowa business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
GARWIN, IA 50632

SBA Loan Lender

LINCOLN SAVINGS BANK
230 MAIN ST
GARWIN, IA 50632

This lender issued this particular bank 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.

SIC Code

5812 - Eating Places

Loan Approval Date

8/23/2000

Loan Approval Gross Amount

$24,600

Loan Approval from the SBA

Of the total $24,600 loan amount, the SBA guaranteed $19,680.

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 4 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Lincoln Savings Bank and they will explain how you can get an SBA loan for your company.

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:

How Equity Dilution Works

Where to Get an SBA Loan in Garwin, Iowa

Getting an SBA Loan in Iowa