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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Specialty Food Stores Loan | ||||
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I Need an SBA 7A Loan in Minneapolis, Minnesota
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Getting an SBA Loan for Specialty Food StoresLooking for commercial loans for specialty food stores? The SBA may be the answer. This $88,100 specialty food stores loan was issued by a Minnesota bank. This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Park Midway Bank, out of Saint Paul, Minnesota. The loan was granted and they received $88,100 to help grow their Minneapolis, Minnesota business. SBA Loan Borrower COMPANY TYPE: SPECIALTY FOOD STORES SBA Loan Lender PARK MIDWAY BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 445299 - Specialty Food Stores Loan Approval Date 9/18/2003 Loan Approval Gross Amount $88,100 Loan Approval from the SBA Of the total $88,100 loan amount, the SBA guaranteed $74,885. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 4 existing jobs. Start the Process for Getting an SBA Loan Today! Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Park Midway 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: Borrowing Money from Friends and Family SBA 7A Banks for Saint Paul, Minnesota Loans
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