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May 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Parkers Prairie, Business Loans > Midwest Bank Parkers Prairie Business Loans > Automotive Repair Shops Loan | ||||
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Banks in Parkers Prairie, Minnesota That Make SBA Loans
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Parkers Prairie, Minnesota Lender Lends Money to Automotive Repair Shops CompanyA Parkers Prairie, Minnesota business loan can be yours. Learn how a company got a $62,700 business loan from this Minnesota bank. This loan to a local firm is a good example of an SBA loan. Midwest Bank made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS SBA Loan Lender MIDWEST BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7539 - Automotive Repair Shops NAICS Code 811118 - Automotive Mechanical and Electrical Repair and Maintenance Loan Approval Date 9/26/2001 Loan Approval Gross Amount $62,700 Loan Approval from the SBA Of the total $62,700 loan amount, the SBA guaranteed $53,295. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great funding source Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Midwest Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Banks in Parkers Prairie, Minnesota
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