Anchor Bank Heritage Gives Bank Loan to General Contracting For Residential Buildings Company
SBA loans in Minnesota are tough to come by these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA.
You can learn something about getting a small business loan in Woodbury, Minnesota by studying this loan to a local business, made back in 2001. Banks like Anchor Bank Heritage may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL CONTRACTING FOR RESIDENTIAL BUILDINGS
WOODBURY, MN 55125
SBA Loan Lender
ANCHOR BANK HERITAGE
2700 E 7TH AVE
NORTH SAINT PAUL, MN 55109
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
1522 - General Contracting for Residential Buildings
NAICS Code
233220 - Multifamily Housing Construction
Loan Approval Date
11/9/2001
Loan Approval Gross Amount
$70,000
Loan Approval from the SBA
Of the total $70,000 loan amount, the SBA guaranteed $59,500.
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 35 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $70,000 loan. Remember, you control your own destiny.
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:
Microlending as a Small Business Funding Source
Good Banks for Small Business in North Saint Paul, Minnesota
Minnesota SBA Bank Lenders