Coon Rapids (rr Name Coon Cree, Minnesota Business Gets SBA-Guaranteed Funding from Voyager Bank
Voyager Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level.
This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Voyager Bank, out of Eden Prairie, Minnesota. The loan was granted and they received $655,000 to help grow their Coon Rapids (rr Name Coon Cree, Minnesota business.
SBA Loan Borrower
COMPANY TYPE: TRADEBINDING AND RELATED WORK
COON RAPIDS (RR NAME COON CREE, MN 55448
SBA Loan Lender
VOYAGER BANK
775 PRAIRIE CENTER DR
EDEN PRAIRIE, MN 55344
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
323121 - Tradebinding and Related Work
Loan Approval Date
12/16/2004
Loan Approval Gross Amount
$655,000
Loan Approval from the SBA
Of the total $655,000 loan amount, the SBA guaranteed $491,250.
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 36 employees. The SBA loan documents indicated that the loan would help retain 36 existing jobs.
Start the Process for Getting an SBA Loan Today!
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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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