Iowa 23rd St. LLC
Iowa 23rd St. LLC is a business located in Bondurant, Iowa, in the construction, mining, and forestry machinery and equipment rental and leasing industry. The company financed real estate or equipment through an SBA 504 loan of $3,794,000, approved on November 14, 2024, by Cornerstone National Bank and Trust Company, with Small Business Growth Corporation as the certified development company.
SBA 504 loan, approved Nov 14, 2024
$3,794,000 SBA portionCDC: Small Business Growth Corporation25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $3,794,000
- Bank portion
- $4,638,000
- Estimated project size
- $9,368,889 (estimated)
- Estimated owner equity
- $936,889 (estimated, about 10% of the project)
- Bank lender
- Cornerstone National Bank and Trust Company, Palatine, IL
- Processing method
- Accredited Lenders Program: CDC with an expedited SBA review
- Term
- 25 years (300 months)
- Estimated maturity
- November 14, 2049 (estimated, approval date plus term)
- First disbursement
- Aug 12, 2026
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 20
- Business type
- Corporation
- NAICS
- 532412, Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing
- Project location
- Polk County, IA
- SBA district office
- Des Moines District Office
- Congressional district
- IA-3
- Collateral
- Yes
Estimated share of project by source
Bank 50% SBA (CDC) 40% Owner 10%
- Average expansion loan in Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing: $2,777,667.
- Average expansion loan in Iowa: $1,994,971.
Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.
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