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May 17, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Maplewood, Business Loans > Premier Bank Maplewood Business Loans > Shoe Stores Loan | ||||
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Who Lends Money to Burnsville Business Owners
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Premier Bank Gives Business Loan to Shoe Stores CompanyWould a Minnesota business loan help your company expand? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs. Getting a small business loan in Burnsville, Minnesota was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Premier Bank. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SHOE STORES SBA Loan Lender PREMIER BANK This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5661 - Shoe Stores NAICS Code 448210 - Shoe Stores Loan Approval Date 9/25/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Premier Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Premier Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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
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