New York Mills, Minnesota Business Gets SBA-Guaranteed Funding from First Fidel. Bank

An SBA loan from First Fidel. Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a New York Mills, Minnesota business owner got a $125,000 loan.

This growing company knew how to go about getting a business bank loan. Based in New York Mills, Minnesota, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was First Fidel. Bank, based in Oklahoma City, Oklahoma.

SBA Loan Borrower

COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
NEW YORK MILLS, MN 56567

SBA Loan Lender

FIRST FIDEL. BANK
5100 N CLASSEN BLVD, STE 500
OKLAHOMA CITY, OK 73118

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

518111 -

Loan Approval Date

6/1/2006

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $62,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Fidel. Bank and they will explain how you can get an SBA loan for your company.

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.

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