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May 10, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Duluth, Business Loans > Park State Bank Duluth Business Loans > Men's And Boys' Clothing And Furnishings Merchant Wholesalers Loan | ||||
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Minnesota Bank SBA Loans
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Duluth, Minnesota Bank Gives SBA Loan to Men's And Boys' Clothing And Furnishings Merchant Wholesalers CompanyWant to talk with a Duluth, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Duluth bank, that was approved by the SBA. Applying for an SBA loan with Park State Bank worked out well for our friends at one local company in Duluth, Minnesota. They got an SBA loan for $162,800. Way to go! SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' CLOTHING AND FURNISHINGS MERCHANT WHOLESALERS SBA Loan Lender PARK STATE BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 424320 - Men's and Boys' Clothing and Furnishings Merchant Wholesalers Loan Approval Date 8/22/2006 Loan Approval Gross Amount $162,800 Loan Approval from the SBA Of the total $162,800 loan amount, the SBA guaranteed $122,100. 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 6 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 Park State Bank 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: A Company That Helps Entrepreneurs SBA Participating Banks in Duluth, Minnesota
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