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April 29, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Anoka, Business Loans > 1st National Bank - Elk River Anoka Business Loans > Retail Stores Loan | ||||
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SBA Loan from 1st National Bank - Elk River
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SBA Loan from 1st National Bank - Elk River Helps Retail Stores Company1st National Bank - Elk River has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ramsey, Minnesota was able to borrow $150,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores NAICS Code 453910 - Pet and Pet Supplies Stores Loan Approval Date 10/23/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from 1st National Bank - Elk River so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: The Friends and Family Network SBA Approved Banks in Anoka, Minnesota
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