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May 17, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Marshall, Business Loans > Minnwest Bank, M.V. Marshall Business Loans > Prerecorded Tape, Compact Disc, And Record Stores Loan | ||||
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Marshall, Minnesota Bank Loan
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Marshall, Minnesota Entrepreneur Gets an SBA LoanWant a Minnesota small business loan? This Minnesota entrepreneur got a small business loan, provided by a Minnesota bank that works with the SBA to help small business owners. By giving the right information to Minnwest Bank, M.V., this Marshall, Minnesota business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: PRERECORDED TAPE, COMPACT DISC, AND RECORD STORES SBA Loan Lender MINNWEST BANK, M.V. This SBA bank 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 451220 - Prerecorded Tape, Compact Disc, and Record Stores Loan Approval Date 7/16/2004 Loan Approval Gross Amount $165,000 Loan Approval from the SBA Of the total $165,000 loan amount, the SBA guaranteed $123,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Minnwest Bank, M.V. had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Minnwest Bank, M.V. 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: Best Marshall, Minnesota Banks for Small Business
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