Raising Money for Sporting Goods Stores
With these bank loans for sporting goods stores, the SBA guarantees the lender that the loan will be repaid. This sporting goods stores loan for $25,000 was given to a Minnesota entrepreneur in 2001.
This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Amer Heritage National, out of Saint Cloud, Minnesota. The loan was granted and they received $25,000 to help grow their Saint Cloud, Minnesota business.
SBA Loan Borrower
COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES
SAINT CLOUD, MN 56301
SBA Loan Lender
AMER HERITAGE NATIONAL
2915 2ND ST SOUTH
SAINT CLOUD, MN 56301
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7699 - Repair Shops and Related Services
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
2/7/2001
Loan Approval Gross Amount
$25,000
Loan Approval from the SBA
Of the total $25,000 loan amount, the SBA guaranteed $21,250.
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 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans provide money to small business owners for working capital for other expenses.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Amer Heritage National had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Amer Heritage National 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.
Related Links:
Strategic Investors
SBA Participating Banks in Saint Cloud, Minnesota
Getting a Business Loan in Minnesota