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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Battle Lake, Business Loans > 1st National Bank - Battle Lake Battle Lake Business Loans > Motor Vehicle Towing Loan | ||||
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Small Business Banks in Minnesota
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Bank Loans for Motor Vehicle TowingWith these bank loans for motor vehicle towing, the SBA guarantees the lender that the loan will be repaid. This motor vehicle towing loan for $60,400 was given to a Minnesota entrepreneur in 2006. This small firm knew how to go about getting a business bank loan. Based in Battle Lake, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was 1st National Bank - Battle Lake, based in Battle Lake, Minnesota. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE TOWING SBA Loan Lender 1ST NATIONAL BANK - BATTLE LAKE This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 488410 - Motor Vehicle Towing Loan Approval Date 6/14/2006 Loan Approval Gross Amount $60,400 Loan Approval from the SBA Of the total $60,400 loan amount, the SBA guaranteed $30,200. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 1 existing job. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Banking Deregulation's Effects on Entrepreneurship Good Banks for Small Business in Battle Lake, Minnesota
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