Saint Cloud, Minnesota Bank Gives SBA Loan to Grocery Stores Company

Thinking about meeting with a Saint Cloud, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Saint Cloud bank, that was approved by the SBA.

Applying for an SBA loan with Midcountry Bank worked out well for our friends at one local company in Little Falls, Minnesota. They received an SBA loan for $63,500. Nice!

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
LITTLE FALLS, MN 56345

SBA Loan Lender

MIDCOUNTRY BANK
1113 W ST. GERMAIN ST
SAINT CLOUD, MN 56301

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

5411 - Grocery Stores

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

10/11/2000

Loan Approval Gross Amount

$63,500

Loan Approval from the SBA

Of the total $63,500 loan amount, the SBA guaranteed $50,800.

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 4 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $63,500 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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.

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SBA 7A Banks in Saint Cloud, Minnesota

Minnesota SBA 7A Banks