Rockford, Iowa Entrepreneur Gets a Small Business Loan

Would an Iowa small business loan help your small business to grow and prosper? If so, you may want to talk with this Iowa bank, which offers SBA loans to Iowa entrepreneurs.

Getting a small business loan in Rockford, Iowa was a top priority for this small company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Northwoods State Bank. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: FURNITURE AND FIXTURES
ROCKFORD, IA 50468

SBA Loan Lender

NORTHWOODS STATE BANK
2650 4TH ST SW
MASON CITY, IA 50401

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2599 - Furniture and Fixtures

NAICS Code

332710 - Machine Shops

Loan Approval Date

6/11/2001

Loan Approval Gross Amount

$840,000

Loan Approval from the SBA

Of the total $840,000 loan amount, the SBA guaranteed $630,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 10 employees. The SBA loan documents did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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.

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