Root River State Bank SBA Loan to Flowers, Nursery Stock, And Florists Supplies Company

Looking to get a Minnesota SBA loan? Here's one Minnesota business loan that was approved by the SBA.

This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Root River State Bank, out of Chatfield, Minnesota. The loan was granted and they received $81,500 to help grow their Chatfield, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FLOWERS, NURSERY STOCK, AND FLORISTS SUPPLIES
CHATFIELD, MN 55923

SBA Loan Lender

ROOT RIVER STATE BANK
18 SE 3RD ST
CHATFIELD, MN 55923

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5193 - Flowers, Nursery Stock, and Florists Supplies

Loan Approval Date

6/26/2000

Loan Approval Gross Amount

$81,500

Loan Approval from the SBA

Of the total $81,500 loan amount, the SBA guaranteed $65,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

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

Remember, 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Root River State Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Obtaining Funding - How to Borrow Money

Best Banks in Chatfield, Minnesota

Find an SBA Lender in Minnesota