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May 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > River Falls, Business Loans > 1st National Bank - River Falls River Falls Business Loans > Health And Personal Care Stores Loan | ||||
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Maplewood SBA Loans
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1st National Bank - River Falls Gives Small Business Loan to Health And Personal Care Stores CompanyLooking to get a Minnesota business loan? This Minnesota entrepreneur got a business loan, provided by a Wisconsin bank that works with the SBA to help small business owners. By giving the right information to 1st National Bank - River Falls, this Maplewood, Minnesota business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: HEALTH AND PERSONAL CARE STORES SBA Loan Lender 1ST NATIONAL BANK - RIVER FALLS This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring 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 446199 - Health and Personal Care Stores Loan Approval Date 3/14/2003 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $59,500. 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 SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: Small Business Banks in River Falls, Wisconsin
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