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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Pipestone, Business Loans > 1st National Bank & Tr Pipestone Business Loans > Used Car Dealers Loan | ||||
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Minnesota Bank SBA Loans
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Pipestone, Minnesota Bank Lends Money to Used Car Dealers Company in Luverne, MinnesotaWant to talk with a Pipestone, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Pipestone bank, that was approved by the SBA. Applying for an SBA loan with 1st National Bank & Tr worked out well for our friends at one local company in Luverne, Minnesota. They got an SBA loan for $99,000. Sweet! SBA Loan Borrower COMPANY TYPE: USED CAR DEALERS SBA Loan Lender 1ST NATIONAL BANK & TR This was a Low Documentation SBA loan. The SBA started 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441120 - Used Car Dealers Loan Approval Date 2/2/2004 Loan Approval Gross Amount $99,000 Loan Approval from the SBA Of the total $99,000 loan amount, the SBA guaranteed $84,150. 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 3 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $99,000 loan. Remember, fight for what you want, and it will be yours! 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: Who Lends Money to Small Businesses in Pipestone, Minnesota
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