Entrepreneur Works With Hancock, Minnesota Bank to Get an SBA Loan

Find Hancock, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. 1st Amer St. Bank - Minnesota is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Fergus Falls, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from 1st Amer St. Bank - Minnesota. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: PETROLEUM AND PETROLEUM PRODUCTS WHOLESALERS
FERGUS FALLS, MN 56537

SBA Loan Lender

1ST AMER ST. BANK - MINNESOTA
563 6TH ST
HANCOCK, MN 56244

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

422720 - Petroleum and Petroleum Products Wholesalers

Loan Approval Date

11/21/2003

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

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 30 employees. The loan application did not indicate that the company planned to use the funding 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like 1st Amer St. Bank - Minnesota that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Investor Turnoffs

SBA 7A Lenders in Hancock, Minnesota

SBA Minnesota Lenders