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May 16, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Elysian, Business Loans > Elysian Bank Elysian Business Loans > Drinking Places Loan | ||||
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Banks in Elysian, Minnesota That Make SBA Loans
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Elysian, Minnesota Lender Lends Money to Drinking Places CompanyThinking about meeting with an Elysian, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by an Elysian bank, that was approved by the SBA. Applying for an SBA loan with Elysian Bank worked out well for our friends at one local company in Kilkenny, Minnesota. They got an SBA loan for $30,000. Sweet! SBA Loan Borrower COMPANY TYPE: DRINKING PLACES SBA Loan Lender ELYSIAN BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722410 - Drinking Places Loan Approval Date 3/15/2005 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $25,500. 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 only one employee. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you need money to start a small business or need money for an existing business, an SBA loan can be a great source of funding. 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 Elysian 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: How Much Venture Capital Is There? Good Banks for Small Business in Elysian, Minnesota
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