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May 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Full-Service Restaurants Loan | ||||
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Saint Paul, Minnesota SBA Banks
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Saint Paul, Minnesota Lender Lends Money to Full-Service Restaurants CompanyWant to talk with a Saint Paul, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Saint Paul bank, that was approved by the SBA. Applying for an SBA loan with Park Midway Bank worked out well for our friends at one local firm in Oakdale, Minnesota. The business was able to get an SBA loan for $630,000. Sweet! SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender PARK MIDWAY BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 6/3/2004 Loan Approval Gross Amount $630,000 Loan Approval from the SBA Of the total $630,000 loan amount, the SBA guaranteed $472,500. 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 3 employees. The SBA loan documents indicated that the loan would help generate 21 new jobs and retain 24 existing jobs. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Park Midway Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Who Lends Money to Small Businesses in Saint Paul, Minnesota
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