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on Wednesday, October 2, 2024
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SBA Loans
Small Business Administration (SBA) Loans for Iowa’s Rural Business Owners
Small Business Administration-backed loans can help small agricultural businesses that might not be able to secure and qualify for financing through traditional means. Iowa’s ag-related businesses may be able to qualify for funds up to $5 million, and the term could extend for years, depending on the type of SBA loan.
Iowa’s smaller-scale agricultural businesses are multifaceted and diverse, from orchards, vegetable growers, vineyards and wineries, microgreens and herb farming, greenhouse and plant nurseries, livestock and poultry, beekeeping, hydroponics, fish farming, flower and seed growers, and more.
Getting started in the ag sector or expanding an existing small ag business requires a solid business plan and the financial resources. While grants and loans through USDA are a common source of agricultural funding, SBA loans should not be overlooked for the industrious and evolving small ag businesses in Iowa.
SBA loans from as little as $50,000 to as much as $5 million can be used for a wide range of purposes:
- Start-up, expansion or acquisition of an ag business
- Purchase of long-term fixed assets, like machinery and equipment
- Working capital or inventory
- Refinancing existing business debt not secured by real estate, such as business loans and leases
- Purchase, refinance or construction of owner-occupied commercial real estate
- Lines of credit
SBA loans are issued by participating lenders, including First National Bank (with branches in Ames, Ankeny, Osceola, Valley Junction, and West Des Moines, Iowa). SBA loans are partially guaranteed by the SBA.
First National Bank’s commercial lenders can help you choose the right SBA loan for your needs, determine if you qualify for the chosen program, prepare your loan application by gathering necessary documents, and submit your application package for consideration.
Whatever your agricultural business idea – farmer’s market vending, herb and vegetable growing, honey harvesting and processing, florist business, spice production, nut growing, worm farming, or Christmas tree grower – an SBA loan could get your business off the ground.
Get more information about SBA loans or speak to First National Bank SBA loan expert Tim Fitzgibbon to explore your options. Call 515-273-8901.
- commercial loan
- small business administration (sba) loan