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May 7, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Salt Lake City, Business Loans > Bank Of The West Salt Lake City Business Loans > Water And Sewer Line And Related Structures Construction Loan | ||||
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Small Business Banks That Lend to Minnesota Small Businesses
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Morris, Minnesota Entrepreneur Gets an SBA LoanLooking to get a Minnesota business loan? This Minnesota entrepreneur got a business loan, provided by an Utah bank that works with the SBA to help small business owners. This small business, based in Morris, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Bank Of The West. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: WATER AND SEWER LINE AND RELATED STRUCTURES CONSTRUCTION SBA Loan Lender BANK OF THE WEST Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 237110 - Water and Sewer Line and Related Structures Construction Loan Approval Date 4/15/2004 Loan Approval Gross Amount $418,800 Loan Approval from the SBA Of the total $418,800 loan amount, the SBA guaranteed $314,100. 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 7 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 8 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of The West so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Where to Get an SBA Loan in Salt Lake City, Utah
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