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May 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Rogers, Business Loans > 1st National Bank - Elk River Rogers Business Loans > Racetracks Loan | ||||
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1st National Bank - Elk River
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Brooklyn Center, Minnesota Business Gets SBA-Guaranteed Funding from 1st National Bank - Elk River1st National Bank - Elk River and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brooklyn Center, Minnesota was able to borrow $265,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $198,750 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: RACETRACKS SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER This bank 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. NAICS Code 711212 - Racetracks Loan Approval Date 7/19/2001 Loan Approval Gross Amount $265,000 Loan Approval from the SBA Of the total $265,000 loan amount, the SBA guaranteed $198,750. 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 15 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. We can help you find the best banks for small businesses in Brooklyn Center or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: SBA Approved Banks in Rogers, Minnesota
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