Entrepreneur Works With Mankato, Minnesota Bank to Get an SBA Loan
Get to know Mankato, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. First National Bank Minnesota is one such bank, as evidenced by this SBA loan to a growing company.
Finding a small business loan in North Mankato, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from First National Bank Minnesota. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.
SBA Loan Borrower
COMPANY TYPE: NO INDUSTRY TYPE SPECIFIED
NORTH MANKATO, MN 56003
SBA Loan Lender
FIRST NATIONAL BANK MINNESOTA
500 LONG ST
MANKATO, MN 56001
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
516110 -
Loan Approval Date
10/18/2004
Loan Approval Gross Amount
$86,500
Loan Approval from the SBA
Of the total $86,500 loan amount, the SBA guaranteed $73,525.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
Many small businesses receive loans backed by the U.S. Small Business Administration.
This SBA loan was for $86,500. How would you spend $86,500 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.
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:
Accountant's Role in Securing Financing
Small Bank Loans in Mankato, Minnesota
Minnesota SBA Banks