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May 17, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Kasson, Business Loans > Kasson State Bank Kasson Business Loans > Hardware Stores Loan | ||||
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Kasson State Bank Kasson
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Kasson, Minnesota Business Gets SBA-Guaranteed Funding from Kasson State BankKasson State Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. This growing company knew how to go about getting a business bank loan. Based in Kasson, Minnesota, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Kasson State Bank, based in Kasson, Minnesota. SBA Loan Borrower COMPANY TYPE: HARDWARE STORES SBA Loan Lender KASSON STATE BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5251 - Hardware Stores NAICS Code 444130 - Hardware Stores Loan Approval Date 7/17/2000 Loan Approval Gross Amount $307,000 Loan Approval from the SBA Of the total $307,000 loan amount, the SBA guaranteed $230,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Kasson State 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: SBA 7A Banks in Kasson, Minnesota
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