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May 13, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Mankato, Business Loans > First National Bank Minnesota Mankato Business Loans > Plumbing, Heating, And Air-Conditioning Loan | ||||
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How to Get SBA Money in Mankato, Minnesota
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First National Bank Minnesota Gives Bank Loan to Plumbing, Heating, And Air-Conditioning CompanyWant a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners. Getting a small business loan in Mankato, Minnesota was a top priority for this loan applicant back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First National Bank Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING SBA Loan Lender FIRST NATIONAL BANK MINNESOTA This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1711 - Plumbing, Heating, and Air-Conditioning NAICS Code 235110 - Plumbing, Heating, and Air Conditioning Contractors Loan Approval Date 3/12/2003 Loan Approval Gross Amount $53,413 Loan Approval from the SBA Of the total $53,413 loan amount, the SBA guaranteed $45,401. 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 application for the borrower did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank Minnesota had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank Minnesota made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Good Banks for Small Business in Mankato, Minnesota
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