Borrowing Money for Used Merchandise Stores

With these bank loans for used merchandise stores, the SBA guarantees the lender that the loan will be repaid. This used merchandise stores loan for $43,200 was given to an Iowa entrepreneur in 2007.

This small firm knew how to go about getting a business bank loan. Based in Le Claire, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was First Central State Bank, based in De Witt, Iowa.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
LE CLAIRE, IA 52753

SBA Loan Lender

FIRST CENTRAL STATE BANK
914 6TH AVE
DE WITT, IA 52742

This lender issued this loan for a small business under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453310 - Used Merchandise Stores

Loan Approval Date

7/19/2007

Loan Approval Gross Amount

$43,200

Loan Approval from the SBA

Of the total $43,200 loan amount, the SBA guaranteed $36,720.

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 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Central 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.

Related Links:

Business Credit Evaluation

Small Bank Loans in De Witt, Iowa

Where to Get an SBA Loan Iowa