Minnesota Bank Loan Issued to Homefurnishings Stores Company

SBA loans in Minnesota are are few and far betweeen these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA.

This company, based in Otsego, 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 Minnesota Bank. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOMEFURNISHINGS STORES
OTSEGO, MN 55369

SBA Loan Lender

FIRST MINNESOTA BANK
106 E FOURTH ST
MONTICELLO, MN 55362

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5719 - Homefurnishings Stores

NAICS Code

442299 - Home Furnishings Stores

Loan Approval Date

2/26/2003

Loan Approval Gross Amount

$60,960

Loan Approval from the SBA

Of the total $60,960 loan amount, the SBA guaranteed $51,816.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

We can help you find the best banks for small businesses in Otsego or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Obtaining Funding - Friends and Family

SBA 7A Banks in Monticello, Minnesota

Getting a Business Loan in Minnesota