Prior Lake, Minnesota Business Gets SBA-Guaranteed Funding from U.S. Bank National Association
U.S. Bank National Association and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Prior Lake, Minnesota was able to borrow $15,000 from U.S. Bank National Association. The SBA made the loan possible by guaranteeing $7,500 of this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: AGENTS AND MANAGERS FOR ARTISTS, ATHLETES, ENTERTAINERS, AND PUBLIC FIGURES
PRIOR LAKE, MN 55372
SBA Loan Lender
U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202
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
711410 - Agents and Managers for Artists, Athletes, Entertainers, and Public Figures
Loan Approval Date
10/27/2005
Loan Approval Gross Amount
$15,000
Loan Approval from the SBA
Of the total $15,000 loan amount, the SBA guaranteed $7,500.
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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.
Great, But How Can I Get an SBA Loan for My Business?
Remember, you 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've showcased information on this loan to let you know that businesses like yours can get an SBA loan.
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:
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