Business Loan from Anchor Bank Heritage Given to Linen Supply Company
Anchor Bank Heritage 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.
This business knew how to go about getting a business bank loan. Based in St. Louis Park, Minnesota, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Anchor Bank Heritage, based in North Saint Paul, Minnesota.
SBA Loan Borrower
COMPANY TYPE: LINEN SUPPLY
ST. LOUIS PARK, MN 55416
SBA Loan Lender
ANCHOR BANK HERITAGE
2700 E 7TH AVE
NORTH SAINT PAUL, MN 55109
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
812331 - Linen Supply
Loan Approval Date
11/20/2001
Loan Approval Gross Amount
$250,000
Loan Approval from the SBA
Of the total $250,000 loan amount, the SBA guaranteed $187,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 10 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Anchor Bank Heritage that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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