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May 17, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Ely, Business Loans > Boundary Waters Bank Ely Business Loans > Car Washes Loan | ||||
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Raising Money in Chaska, Minnesota With SBA Loans
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Boundary Waters Bank Gives SBA Loan to Car Washes CompanyBank loans in Minnesota are hard to find these days. We take a look at one Minnesota bank loan, provided by a Minnesota bank, that was approved by the SBA. This company, based in Chaska, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Boundary Waters Bank. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: CAR WASHES SBA Loan Lender BOUNDARY WATERS BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811192 - Car Washes Loan Approval Date 10/28/2003 Loan Approval Gross Amount $320,000 Loan Approval from the SBA Of the total $320,000 loan amount, the SBA guaranteed $240,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 15 new jobs and retain 15 existing jobs. 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. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Boundary Waters Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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
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