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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Pine Island, Business Loans > Pine Island Bank Pine Island Business Loans > General Automotive Repair Loan | ||||
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Pine Island, Minnesota SBA Lenders
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Pine Island, Minnesota Bank Gives SBA Loan to General Automotive Repair CompanyGet to know Pine Island, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. Pine Island Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Pine Island, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Pine Island Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender PINE ISLAND BANK This lender issued this particular debt financing under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 12/16/2004 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $59,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 4 employees. The SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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 Pine Island 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. Related Links: Small Bank Loans in Pine Island, Minnesota
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