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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Milwaukee, Business Loans > M&i Marshall & Ilsley Bank Milwaukee Business Loans > My Closets, Inc. Loan | ||||
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Business Loans for Maple Grove Small Business Owners
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Minnesota Entrepreneur Secures Financing to Buy Plato's Closet FranchiseNeed money to invest in a Plato's Closet franchise? M&i Marshall & Ilsley Bank has a history of making these loans and they are guaranteed by the SBA. An entrepreneur in Maple Grove, Minnesota needed money to invest in a Plato's Closet franchise back in 2004. M&i Marshall & Ilsley Bank issued an SBA franchise loan. Here are the details on this Minnesota small business loan. SBA Loan Borrower MY CLOSETS, INC. SBA Loan Lender M&I MARSHALL & ILSLEY BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 453310 - Used Merchandise Stores Loan Approval Date 11/30/2004 Loan Approval Gross Amount $145,000 Loan Approval from the SBA Of the total $145,000 loan amount, the SBA guaranteed $108,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $145,000 loan. Remember, fight for what you want, and it will be yours! 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 Milwaukee, Wisconsin
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