New Ulm, Minnesota Business Gets SBA-Guaranteed Funding from Stearns Bank

An SBA loan from Stearns Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a New Ulm, Minnesota business owner got a $525,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in New Ulm, Minnesota was able to borrow $525,000 from Stearns Bank. The SBA made the loan possible by guaranteeing $393,750 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
NEW ULM, MN 56073

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/8/2001

Loan Approval Gross Amount

$525,000

Loan Approval from the SBA

Of the total $525,000 loan amount, the SBA guaranteed $393,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 9 employees. This SBA loan request indicated that the loan would help retain 9 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in New Ulm MN, you ought to talk with a local New Ulm SBA lender or talk with an out-of-area SBA lender that has previously loaned money to New Ulm businesses.

This SBA loan was for $525,000. How would you spend $525,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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.

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