Financing for Chiropractors

Looking for commercial loans for chiropractors? Talk to a banker who works with the SBA. This $423,700 chiropractors loan was issued by a Minnesota bank.

This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Highland Bank, out of Maple Grove, Minnesota. The loan was granted and they received $423,700 to help grow their Hastings, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
HASTINGS, MN 55033

SBA Loan Lender

HIGHLAND BANK
13370 GROVE DR
MAPLE GROVE, MN 55369

This lender issued this business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

2/6/2003

Loan Approval Gross Amount

$423,700

Loan Approval from the SBA

Of the total $423,700 loan amount, the SBA guaranteed $317,775.

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 4 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Highland Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Alternative Financing

SBA 7A Banks in Maple Grove, Minnesota

Minnesota SBA 7A Banks