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May 12, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Duluth, Business Loans > Park State Bank Duluth Business Loans > Book Stores Loan | ||||
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Park State Bank
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Duluth, Minnesota Business Gets SBA-Guaranteed Funding from Park State BankPark State Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans. This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Park State Bank, out of Duluth, Minnesota. The loan was granted and they received $25,000 to help grow their Duluth, Minnesota business. SBA Loan Borrower COMPANY TYPE: BOOK STORES SBA Loan Lender PARK STATE BANK This was a Low Documentation SBA loan. The SBA started this program to minimize 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 5942 - Book Stores NAICS Code 451211 - Book Stores Loan Approval Date 10/17/2000 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $20,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. While you may be able to find other ways to get money to start a business, 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. Related Links: SBA Participating Banks in Duluth, Minnesota
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