Cold Spring, Minnesota Bank Gives SBA Loan to Optometrists Company

Thinking about meeting with a Cold Spring, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Cold Spring bank, that was approved by the SBA.

Applying for an SBA loan with 1st National Bank - Cold Spring worked out well for our friends at one local company in Cold Spring, Minnesota. The business was able to get an SBA loan for $89,000. Great job!

SBA Loan Borrower

COMPANY TYPE: OPTOMETRISTS
COLD SPRING, MN 56320

SBA Loan Lender

1ST NATIONAL BANK - COLD SPRING
301 MAIN ST
COLD SPRING, MN 56320

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

621320 - Optometrists

Loan Approval Date

4/21/2006

Loan Approval Gross Amount

$89,000

Loan Approval from the SBA

Of the total $89,000 loan amount, the SBA guaranteed $44,500.

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. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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. 1st National Bank - Cold Spring had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank - Cold Spring 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.

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