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April 27, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > First National Bank - Lakes Minneapolis Business Loans > Business Services Loan | ||||
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Minnesota SBA Lenders
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Entrepreneur Works With Minneapolis, Minnesota Bank to Get an SBA LoanWant to talk with a Minneapolis, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Minneapolis bank, that was approved by the SBA. Applying for an SBA loan with First National Bank - Lakes worked out well for our friends at one local firm in Bloomington, Minnesota. The business was able to get an SBA loan for $64,000. Nice! SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender FIRST NATIONAL BANK - LAKES 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 7389 - Business Services NAICS Code 314999 - Textile Product Mills Loan Approval Date 3/28/2003 Loan Approval Gross Amount $64,000 Loan Approval from the SBA Of the total $64,000 loan amount, the SBA guaranteed $54,400. 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 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First National Bank - Lakes are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Best Banks for Small Business in Minneapolis, Minnesota
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