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May 5, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Montevideo, Business Loans > Minnwest Bank Central Montevideo Business Loans > Radio Shack Of Montevideo Loan | ||||
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Montevideo, Minnesota Bank Loan
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Minnesota Entrepreneur Secures Financing to Buy Radio Shack FranchiseBorrowing money to invest in a Radio Shack franchise? Minnwest Bank Central has a history of making these loans and they are guaranteed by the SBA. Radio Shack franchise loans are available to Montevideo, Minnesota entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Minnwest Bank Central, based in Montevideo, Minnesota, issued an SBA franchise loan for a Radio Shack franchise in 2001. We've got all the details on this Minnesota small business loan. SBA Loan Borrower RADIO SHACK OF MONTEVIDEO SBA Loan Lender MINNWEST BANK CENTRAL This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. 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. 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. SIC Code 5731 - Radio, TV, and Consumer Electronics Retailing NAICS Code 443112 - Radio, Television, and Electronics Stores Loan Approval Date 10/26/2001 Loan Approval Gross Amount $64,000 Loan Approval from the SBA Of the total $64,000 loan amount, the SBA guaranteed $54,400. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Radio Shack franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Although it's called an SBA loan, you 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. 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 $64,000 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. Related Links: Find an SBA Lender in Montevideo, Minnesota
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