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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Roseau, Business Loans > Citizens State Bank Of Roseau Roseau Business Loans > Hobby, Toy, And Game Shops Loan | ||||
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SBA Lender Roseau Minnesota
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Growing Company Gets a Minnesota SBA LoanWant a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners. This company, based in Roseau, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Citizens State Bank Of Roseau. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: HOBBY, TOY, AND GAME SHOPS SBA Loan Lender CITIZENS STATE BANK OF ROSEAU This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5945 - Hobby, Toy, and Game Shops NAICS Code 451120 - Hobby, Toy, and Game Stores Loan Approval Date 5/18/2000 Loan Approval Gross Amount $65,000 Loan Approval from the SBA Of the total $65,000 loan amount, the SBA guaranteed $52,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. This SBA loan request did not indicate that the company planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $65,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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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