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May 12, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Vinton, Business Loans > Farmers Savings Bank & Trust-Vin Vinton Business Loans > Bowling Centers Loan | ||||
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Small Business Loans from Farmers Savings Bank & Trust-Vin
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Farmers Savings Bank & Trust-Vin SBA Loan to Bowling Centers CompanyFarmers Savings Bank & Trust-Vin is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Iowa entrepreneur who tapped into the power of SBA loans. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Farmers Savings Bank & Trust-Vin, out of Vinton, Iowa. The loan was granted and they received $125,000 to help grow their Traer, Iowa business. SBA Loan Borrower COMPANY TYPE: BOWLING CENTERS SBA Loan Lender FARMERS SAVINGS BANK & TRUST-VIN This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 713950 - Bowling Centers Loan Approval Date 3/13/2003 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $106,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Farmers Savings Bank & Trust-Vin had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Farmers Savings Bank & Trust-Vin made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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:
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