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May 17, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Michael, Business Loans > Great Northern Bank Saint Michael Business Loans > Eating Places Loan | ||||
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We Needed an SBA Loan in Albertville, Minnesota and We Got One!
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Loans for Full-Service RestaurantsLooking for loans for full-service restaurants? Talk to a banker who works with the SBA. This $55,350 full-service restaurants loan was issued by a Minnesota bank. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Great Northern Bank, out of Saint Michael, Minnesota. The loan was granted and they received $55,350 to help grow their Albertville, Minnesota business. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender GREAT NORTHERN BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 3/18/2003 Loan Approval Gross Amount $55,350 Loan Approval from the SBA Of the total $55,350 loan amount, the SBA guaranteed $47,047. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Great Northern Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Raising VC Money for Social Networking Companies Find an SBA Lender in Saint Michael, Minnesota SBA Participating Banks in Minnesota
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