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May 21, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Wadena, Business Loans > Wadena State Bank Wadena Business Loans > Eating Places Loan | ||||
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Small Business Banks That Lend to Minnesota Small Businesses
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Firm Gets a Minnesota Small Business LoanMinnesotaSmall business loans are available to Minnesota small business owners through the SBA. In this case, a Minnesota bank provides the loan. You can learn something about getting a small business loan in Bluffton, Minnesota by studying this loan to a local company, made back in 2000. Banks like Wadena State Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender WADENA STATE BANK 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 5812 - Eating Places Loan Approval Date 6/2/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. 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 5 employees. The SBA loan documents did not indicate that the business planned to use the funding 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. While you may be able to borrow money from friends and family, 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: Role of Business Plan When Raising Money Best Banks in Wadena, Minnesota Where to Get an SBA Loan Minnesota
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