Plymouth, Minnesota Entrepreneur Gets an SBA Loan

Small business loans in Minnesota are tough to come by these days. We take a look at one Minnesota small business loan, provided by a New York bank, that was approved by the SBA.

Getting a small business loan in Plymouth, Minnesota was a top priority for this small company back in 2008 and, based on their loan application, they were successful in getting an SBA loan from Banco Popular North America. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: TEMPORARY HELP SERVICES
PLYMOUTH, MN 55441

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

561320 - Temporary Help Services

Loan Approval Date

1/17/2008

Loan Approval Gross Amount

$671,200

Loan Approval from the SBA

Of the total $671,200 loan amount, the SBA guaranteed $503,400.

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 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you want money for new small business in Plymouth MN, you ought to talk with a local Plymouth SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Plymouth businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Banco Popular North America and they will explain how you can get an SBA loan for your company.

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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