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May 9, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Anchor Bank Saint Paul Saint Paul Business Loans > Coin-Operated Laundries And Drycleaning Loan | ||||
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How to Get SBA Loans in Farmington, Minnesota
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Raising Money for Coin-Operated Laundries and DrycleanersLooking for bank loans for coin-operated laundries and drycleaners? The SBA may be the answer. This $50,000 coin-operated laundries and drycleaners loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Farmington, Minnesota was able to borrow $50,000 from Anchor Bank Saint Paul. The SBA made the loan possible by guaranteeing $42,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING SBA Loan Lender ANCHOR BANK SAINT PAUL 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 7215 - Coin-Operated Laundries and Drycleaning NAICS Code 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 3/18/2002 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business 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 guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. While you may be able to borrow money from friends and family, 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: A Company That Helps Entrepreneurs Best Banks for Small Business in Saint Paul, Minnesota Browse All Business Loan Sources for Minnesota
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