Small Business Loans for Sewing, Needlework, and Piece Goods Stores

Looking for small business loans for sewing, needlework, and piece goods stores? Try the SBA. This $122,000 sewing, needlework, and piece goods stores 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 $122,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $103,700 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SEWING, NEEDLEWORK, AND PIECE GOODS STORES
ELK RIVER, MN 55330

SBA Loan Lender

1ST NATIONAL BANK - ELK RIVER
729 MAIN ST
ELK RIVER, MN 55330

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5949 - Sewing, Needlework, and Piece Goods Stores

NAICS Code

451130 - Sewing, Needlework, and Piece Goods Stores

Loan Approval Date

4/10/2003

Loan Approval Gross Amount

$122,000

Loan Approval from the SBA

Of the total $122,000 loan amount, the SBA guaranteed $103,700.

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 10 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like 1st National Bank - Elk River and they will explain how you can get an SBA loan for your company.

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:

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SBA Banks in Elk River, Minnesota

Getting a Business Loan in Minnesota