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May 10, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > New Ulm, Business Loans > United Prairie Bank New Ulm Business Loans > Business Associations Loan | ||||
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New Ulm, Minnesota Lender Lends Money to Business Associations CompanyThinking about meeting with a New Ulm, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a New Ulm bank, that was approved by the SBA. Applying for an SBA loan with United Prairie Bank worked out well for our friends at one local company in Mankato, Minnesota. The business was able to get an SBA loan for $150,000. Awesome! SBA Loan Borrower COMPANY TYPE: BUSINESS ASSOCIATIONS SBA Loan Lender UNITED PRAIRIE BANK This 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 813910 - Business Associations Loan Approval Date 8/7/2006 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 SBA loan documents did not indicate that the business planned to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you need money to start a business or need money to grow a business, an SBA loan can be a great way to raise money SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into United Prairie Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Determining Proper Capital Structure for a Business SBA Participating Banks in New Ulm, Minnesota
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