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May 12, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Michael, Business Loans > Highland Bank Saint Michael Business Loans > Retail Nurseries, Lawn And Garden Supply Stores Loan | ||||
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How to Get SBA Money in Buffalo, Minnesota
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Buffalo, Minnesota Entrepreneur Gets a Business LoanWould a Minnesota bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs. Getting a small business loan in Buffalo, Minnesota was a top priority for this loan applicant back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Highland Bank. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL NURSERIES, LAWN AND GARDEN SUPPLY STORES SBA Loan Lender HIGHLAND BANK This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5261 - Retail Nurseries, Lawn and Garden Supply Stores NAICS Code 444220 - Nursery and Garden Centers Loan Approval Date 10/13/2000 Loan Approval Gross Amount $105,000 Loan Approval from the SBA Of the total $105,000 loan amount, the SBA guaranteed $78,750. 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 7 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Highland Bank 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: SBA 7A Lenders in Saint Michael, Minnesota
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