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May 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Rogers, Business Loans > 1st National Bank - Elk River Rogers Business Loans > Supermarkets And Grocery Stores Loan | ||||
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Small Business Banks in Minnesota
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How to Get a Loan for Supermarkets and Grocery StoresLooking for commercial loans for supermarkets and grocery stores? The SBA may be the answer. This $202,000 supermarkets and grocery stores loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Columbia Heights, Minnesota was able to borrow $202,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $151,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SUPERMARKETS AND GROCERY STORES SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER This SBA bank loan was issued by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA provides a rapid loan approval or denial response. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 445110 - Supermarkets and Grocery Stores Loan Approval Date 2/19/2002 Loan Approval Gross Amount $202,000 Loan Approval from the SBA Of the total $202,000 loan amount, the SBA guaranteed $151,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents 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 Don't apply for a loan directly with the SBA. You need to 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. 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 1st National Bank - Elk River 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: Small Business Banks in Rogers, Minnesota
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