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May 16, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Fosston, Business Loans > First National Bank Fosston Business Loans > Carpentry Work Loan | ||||
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Business Loan from First National Bank
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Gully, Minnesota Business Gets SBA-Guaranteed Funding from First National BankFirst National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans. Getting a small business loan in Gully, Minnesota was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from First National Bank, operating out of Fosston, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: CARPENTRY WORK SBA Loan Lender FIRST NATIONAL BANK This was a Low Documentation SBA loan. The SBA started this program to reduce 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. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1751 - Carpentry Work NAICS Code 235510 - Carpentry Contractors Loan Approval Date 2/7/2000 Loan Approval Gross Amount $63,000 Loan Approval from the SBA Of the total $63,000 loan amount, the SBA guaranteed $50,400. 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 only one employee. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business 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. While you may be able to find business people willing to loan money, 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: Obtaining Funding - Getting Venture Capital Best Banks for Small Business in Fosston, Minnesota
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