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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Elk River, Business Loans > 1st National Bank - Elk River Elk River Business Loans > Dairy Farms Loan | ||||
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SBA Lender Minnesota
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SBA Loan from 1st National Bank - Elk River Helps Dairy Farms Company1st National Bank - Elk River and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Albertville, Minnesota was able to borrow $979,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $734,250 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: DAIRY FARMS SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 0241 - Dairy Farms NAICS Code 112120 - Dairy Cattle and Milk Production Loan Approval Date 10/12/2000 Loan Approval Gross Amount $979,000 Loan Approval from the SBA Of the total $979,000 loan amount, the SBA guaranteed $734,250. 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 8 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st National Bank - Elk River had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank - Elk River 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: Obtaining Funding From a Venture Capitalist SBA Banks in Elk River, Minnesota
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