First Minnetonka City Bank SBA Loan to Jewelers' Materials And Lapidary Work Company

Searching for a Minnesota small business loan? Here's one Minnesota business loan that was approved by the SBA.

This growing firm needed an SBA business loan in Rosseville, Minnesota back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from First Minnetonka City Bank, operating out of Minnetonka, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: JEWELERS' MATERIALS AND LAPIDARY WORK
ROSSEVILLE, MN 55113

SBA Loan Lender

FIRST MINNETONKA CITY BANK
14550 EXCELSIOR BLVD
MINNETONKA, MN 55345

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3915 - Jewelers' Materials and Lapidary Work

Loan Approval Date

9/13/2000

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $60,000.

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 8 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Minnetonka City Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Minnetonka City Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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First Minnetonka City Bank SBA Loan to Jewelers' Materials And Lapidary Work Company