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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Slayton, Business Loans > Minnwest Bank South Slayton Business Loans > Outdoor Power Equipment Stores Loan | ||||
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Lake Wilson, Minnesota Bank for SBA Loans
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Borrowing Money for Outdoor Power Equipment StoresLooking for loans for outdoor power equipment stores? Talk to a banker who works with the SBA. This $120,000 outdoor power equipment stores loan was issued by a Minnesota bank. Getting a small business loan in Lake Wilson, Minnesota was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Minnwest Bank South, operating out of Slayton, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: OUTDOOR POWER EQUIPMENT STORES SBA Loan Lender MINNWEST BANK SOUTH This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program requires 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. NAICS Code 444210 - Outdoor Power Equipment Stores Loan Approval Date 4/5/2002 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 15 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding 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. This SBA loan was for $120,000. How would you spend $120,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: Borrowing Money from Friends and Family SBA Participating Banks in Slayton, Minnesota
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