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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Michael, Business Loans > Highland Bank Saint Michael Business Loans > Eating Places Loan | ||||
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SBA Lenders in Lino Lakes
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SBA Loan from Highland Bank Helps Eating Places CompanyHighland 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 Lino Lakes, Minnesota, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Highland Bank, based in Saint Michael, Minnesota. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender HIGHLAND 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. SIC Code 5812 - Eating Places NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 2/12/2001 Loan Approval Gross Amount $47,000 Loan Approval from the SBA Of the total $47,000 loan amount, the SBA guaranteed $39,950. 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 8 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My 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. This SBA loan was for $47,000. How would you spend $47,000 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: Obtaining Funding - Friends and Family SBA Banks in Saint Michael, Minnesota
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