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May 6, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Montevideo, Business Loans > Minnwest Bank Central Montevideo Business Loans > Retail Stores Loan | ||||
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Minnwest Bank Central
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Minnwest Bank Central SBA Loan to Retail Stores CompanyMinnwest Bank Central is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one South Dakota entrepreneur who tapped into the power of SBA loans. Getting a small business loan in Big Stone City, South Dakota was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Minnwest Bank Central, operating out of Montevideo, Minnesota. Here are the details on this South Dakota small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender MINNWEST BANK CENTRAL This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores NAICS Code 453998 - Store Retailers Loan Approval Date 7/2/2004 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 47 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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 Minnwest Bank Central 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: The Friends and Family Network Small Bank Loans in Montevideo, Minnesota
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