Benson, Minnesota Entrepreneur Gets a Business Loan

MinnesotaSmall business loans are available to Minnesota small business owners through the SBA. In this case, a Minnesota bank provides the loan.

You can learn something about getting a small business loan in Benson, Minnesota by studying this loan to a local company, made back in 2002. Banks like First Security Bank-Sleepy Eye may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL PRINTING
BENSON, MN 56215

SBA Loan Lender

FIRST SECURITY BANK-SLEEPY EYE
215 13TH ST SOUTH
BENSON, MN 56215

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

2759 - Commercial Printing

NAICS Code

323114 - Quick Printing

Loan Approval Date

12/13/2002

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 2 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Security Bank-Sleepy Eye and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Realistic Debt Financing Options

SBA 7A Banks for Benson, Minnesota Loans

Getting a Business Loan in Minnesota