Western Bank SBA Loan to Eating Places Company

Want a Minnesota small business loan? Here's one Minnesota business loan that was approved by the SBA.

This growing firm needed an SBA business loan in Little Canada, Minnesota back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Western Bank, operating out of Saint Paul, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
LITTLE CANADA, MN 55117

SBA Loan Lender

WESTERN BANK
663 UNIVERSITY AVE
SAINT PAUL, MN 55104

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

6/5/2000

Loan Approval Gross Amount

$47,500

Loan Approval from the SBA

Of the total $47,500 loan amount, the SBA guaranteed $38,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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 Western 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:

Business Line of Credit

SBA Banks in Saint Paul, Minnesota

Find an SBA Lender in Minnesota