Local Business Gets a Minnesota Bank Loan
Would a Minnesota business loan help your company expand? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs.
This small business, based in Mankato, 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 First National Bank Minnesota. We've got the inside scoop on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS
MANKATO, MN 56001
SBA Loan Lender
FIRST NATIONAL BANK MINNESOTA
500 LONG ST
MANKATO, MN 56001
This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5941 - Sporting Goods Stores and Bicycle Shops
NAICS Code
451110 - Sporting Goods Stores
Loan Approval Date
10/8/2003
Loan Approval Gross Amount
$35,000
Loan Approval from the SBA
Of the total $35,000 loan amount, the SBA guaranteed $29,750.
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 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First National Bank Minnesota are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.
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:
A Company That Helps Entrepreneurs
SBA 7A Banks for Mankato, Minnesota Loans
SBA Participating Banks in Minnesota