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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Anoka, Business Loans > 1st National Bank - Elk River Anoka Business Loans > Floor Laying And Other Floor Work Loan | ||||
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Banks in Minnesota
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Getting an SBA Loan for Floor Laying and Floor ContractorsLooking for commercial loans for floor laying and floor contractors? The SBA may be the answer. This $85,000 floor laying and floor contractors loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Elk River, Minnesota was able to borrow $85,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $72,250 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: FLOOR LAYING AND OTHER FLOOR WORK SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1752 - Floor Laying and Other Floor Work NAICS Code 235520 - Floor Laying and Floor Contractors Loan Approval Date 2/25/2002 Loan Approval Gross Amount $85,000 Loan Approval from the SBA Of the total $85,000 loan amount, the SBA guaranteed $72,250. 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 4 employees. The loan application did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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 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: Banking Deregulation's Effects on Entrepreneurship Good Banks for Small Business in Anoka, Minnesota Where to Get an SBA Loan Minnesota
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