Local Business Gets a Minnesota Small Business Loan

Want a Minnesota business loan? This Minnesota entrepreneur got a business loan, provided by a Minnesota bank that works with the SBA to help small business owners.

Getting a small business loan in Two Harbors, Minnesota was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Boundary Waters Bank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES
TWO HARBORS, MN 55616

SBA Loan Lender

BOUNDARY WATERS BANK
601 E SHERIDAN ST
ELY, MN 55731

This SBA loan was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending track record and a thorough understanding of SBA loan requirements.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

3/7/2002

Loan Approval Gross Amount

$174,200

Loan Approval from the SBA

Of the total $174,200 loan amount, the SBA guaranteed $130,650.

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 4 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Boundary Waters Bank 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.

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