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May 4, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Bloomington, Business Loans > Venture Bank Bloomington Business Loans > Institutional Furniture Manufacturing Loan | ||||
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Raising Money in Pequot Lakes, Minnesota With SBA Loans
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Institutional Furniture Manufacturing Small Business LoansLooking for small business loans for institutional furniture manufacturing? Talk to a banker who works with the SBA. This $710,000 institutional furniture manufacturing loan was issued by a Minnesota bank. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Venture Bank, out of Bloomington, Minnesota. The loan was granted and they received $710,000 to help grow their Pequot Lakes, Minnesota business. SBA Loan Borrower COMPANY TYPE: INSTITUTIONAL FURNITURE MANUFACTURING SBA Loan Lender VENTURE BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide 7A business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 337127 - Institutional Furniture Manufacturing Loan Approval Date 10/23/2003 Loan Approval Gross Amount $710,000 Loan Approval from the SBA Of the total $710,000 loan amount, the SBA guaranteed $532,500. 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 35 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to 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. We can help you find the best banks for small businesses in Pequot Lakes or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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 Bloomington, Minnesota SBA Participating Banks in Minnesota
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