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Commercial Loans
  • Purchase real estate for the business location
  • Remodeling
  • Rehabilitation or modification of buildings
  • Purchase machinery and equipment
  • Purchase fixtures
  • Purchase inventory
  • Working capital

Small Business Administration (SBA) Loans
SBA 7(a)
  • Start a new business
  • Expand an existing business
  • Purchase an existing business
  • Purchase land for construction
  • Construct a new building
  • Purchase raw materials or inventory
  • Purchase furniture or fixtures
  • Purchase machinery or equipment
  • Make leasehold improvements
  • Provide working capital
  • Refinance debt

SBA 504
  • Utilized to finance existing, expanding and start-up businesses located in Iowa
  • Designed to acquire fixed assets, but offer lower down payment requirements

10 Steps to Prepare Your Business Plan
  1. Research. Get as much information on your business as possible. Talk to those already in business, visit the library, learn all you can from trade associations and trade publications, conduct research online and find out what help is available from local and federal government agencies.
  2. Make projections. The more you know about your business, the more accurately you can make intelligent projections of sales and potential profits for the first few years. This knowledge is invaluable.
  3. Capital. Money. Accept the fact that it always requires more money than you've anticipated to start or improve your business. Have enough working capital on hand and back-up resources just in case the new business does not prosper as you had anticipated.
  4. Competition. Know thy enemy. Study your competition carefully; they've been in the trenches and have already experienced what you are about to discover. Read their literature. There is a reason your competitor is in business, and you'd better find out what it is -- and how you can turn their customers into your customers.
  5. Location. Location. Location. If you can't go to your customer, your customer must come to you -- so make it easy. Pick a prime location or invest in targeted advertising.
  6. Image. What kind of public image do you want to create with your service, merchandise, quality, decor, packaging, personnel, vehicles, advertising and pricing? How does that image correspond with the customer you are trying to attract?
  7. Keep records. Complete, accurate records are needed to file taxes, to properly manage you bank accounts and most importantly, to give you guidance. Always know where your business stands financially.
  8. Professional help. Rely on a competent lawyer, accountant, insurance broker and your Hampton State Bank financial expert to fulfill your business needs. A marketing professional in your corner may also be needed.
  9. Purchasing. Knowing what, when and where to buy and how to gauge inventory can make or break you. It allows you to conserve working capital, reduce obsolescence and meet and beat the competition. Know what sells.
  10. Profit. This is the bottom line for which you are going into business. Make sure that all expenses are accounted for, including your own living costs, possible losses, shrinkage, unseen costs such as fringe benefits and taxes. Then add a legitimate profit to your risk. If the profit does not come out right, perhaps you should rethink your idea.

Letters of Credit
  • Financial instrument issued to a third party for the benefit of a business or individual which guarantees payment of funds to a third party in the event of non-payment of an obligation by the business or individual.
  • An underlying promissory note must be established in the event the letter of credit is drawn upon.
  • Most commonly used in establishing new relationships with vendors and when doing business internationally.

Agricultural Loans
  • State-of-the-art farm financial analysis program to provide detailed analysis and projections
  • Operating lines of credit
  • Machinery and equipment loans
  • Livestock production loans
  • FFA and 4-H loans

Farm Real Estate Loans
  • Long term amortization
  • Flexible payment options
  • Exceptions considered based upon borrower's financial strength

Farm Service Agency (FSA) Loans *
Farm Ownership
  • Purchase farmland
  • Develop farmland to promote soil and water conservation
  • Refinance existing debt
Farm Operating
  • Crop inputs
  • Livestock
  • Equipment
  • Refinance existing debt

*Certain restrictions apply to FSA loans

Beginning Farm Loans
  • Purchase land
  • Construct buildings or make improvements
  • Implement soil and water conservation measures
  • Farm operating loans - purchase livestock, poultry, equipment, feed, seed, farm chemicals, supplies, or soil and water conservation measures
  • May refinance existing indebtedness, with certain limitations
  • Down payment farm ownership loans - used to assist farmers and ranchers in purchasing farm or ranch real estate

Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What that means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
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