Residential Mental Health and Substance Abuse Facilities Business Loans

With these business loans for residential mental health and substance abuse facilities, the SBA guarantees the lender that the loan will be repaid. This residential mental health and substance abuse facilities loan for $32,533 was given to a Minnesota entrepreneur in 2005.

Getting a small business loan in Verndale, Minnesota was important for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from First Integrity Bank, operating out of Staples, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL MENTAL HEALTH AND SUBSTANCE ABUSE FACILITIES
VERNDALE, MN 56481

SBA Loan Lender

FIRST INTEGRITY BANK
111 4TH ST NE
STAPLES, MN 56479

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.

NAICS Code

623220 - Residential Mental Health and Substance Abuse Facilities

Loan Approval Date

9/8/2005

Loan Approval Gross Amount

$32,533

Loan Approval from the SBA

Of the total $32,533 loan amount, the SBA guaranteed $27,653.

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 9 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Integrity Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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