Growing Company Gets a Minnesota Bank Loan
MinnesotaBank loans are available to Minnesota firms through the SBA. In this case, a Minnesota bank provides the loan.
Getting a small business loan in Elk River, Minnesota was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank - Elk River. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
ELK RIVER, MN 55330
SBA Loan Lender
1ST NATIONAL BANK - ELK RIVER
729 MAIN ST
ELK RIVER, MN 55330
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
4/10/2001
Loan Approval Gross Amount
$125,000
Loan Approval from the SBA
Of the total $125,000 loan amount, the SBA guaranteed $106,250.
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 application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
We've showcased information on this loan to let you know that businesses like yours 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:
Raising Venture Capital
SBA Approved Banks in Elk River, Minnesota
Minnesota SBA Bank Lenders