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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Ely, Business Loans > Boundary Waters Bank Ely Business Loans > Men's And Boys' Clothing Loan | ||||
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Minnesota Bank SBA Loans
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Boundary Waters Bank SBA Loan to Men's And Boys' Clothing CompanySearching for a Minnesota business loan? Here's one Minnesota business loan that was approved by the SBA. This local small business knew how to go about getting a business bank loan. Based in Two Harbors, Minnesota, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Boundary Waters Bank, based in Ely, Minnesota. SBA Loan Borrower COMPANY TYPE: MEN'S AND BOYS' CLOTHING SBA Loan Lender BOUNDARY WATERS BANK This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 2329 - Men's and Boys' Clothing Loan Approval Date 1/20/2000 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $90,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Dealing With Venture Capitalists Who Lends Money to Small Businesses in Ely, Minnesota Where to Get an SBA Loan Minnesota
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