Financing for Chiropractors

With these loans for chiropractors, the SBA guarantees the lender that the loan will be repaid. This chiropractors loan for $45,000 was given to a Minnesota entrepreneur in 2003.

This small firm knew how to go about getting a business bank loan. Based in Grand Rapids, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Woodland Bank, based in Deer River, Minnesota.

SBA Loan Borrower

COMPANY TYPE: OFFICES AND CLINICS OF CHIROPRACTORS
GRAND RAPIDS, MN 42500

SBA Loan Lender

WOODLAND BANK
315 MAIN AVE
DEER RIVER, MN 56636

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

8041 - Offices and Clinics of Chiropractors

NAICS Code

621310 - Chiropractors

Loan Approval Date

8/4/2003

Loan Approval Gross Amount

$45,000

Loan Approval from the SBA

Of the total $45,000 loan amount, the SBA guaranteed $38,250.

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 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Woodland Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Woodland Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Business Credit Evaluation

Banks in Deer River, Minnesota

Minnesota SBA Bank Lenders