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May 3, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Coon Rapids, Business Loans > Central Bank Coon Rapids Business Loans > Full-Service Restaurants Loan | ||||
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Forest Lake SBA Loan from Central Bank
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Business Loan from Central Bank Given to Full-Service Restaurants CompanyAn SBA loan from Central Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Forest Lake, Minnesota business owner got a $150,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Forest Lake, Minnesota was able to borrow $150,000 from Central Bank. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender CENTRAL BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 12/29/2004 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 13 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Central Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Advice on Getting a Small Business Loan Best Coon Rapids, Minnesota Banks for Small Business
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