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April 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Rogers, Business Loans > 1st National Bank - Elk River Rogers Business Loans > Eklund Holdings,Inc Loan | ||||
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Business Loans for Ramsey Small Business Owners
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Minnesota Entrepreneur Secures Financing to Buy Mr. Electric FranchiseNeed a loan to buy a Mr. Electric franchise? 1st National Bank - Elk River has a history of making these loans and they are guaranteed by the SBA. Getting money to buy a Mr. Electric franchise is doable. In 2001, 1st National Bank - Elk River issued an SBA franchise loan to an entrepreneur in Ramsey, Minnesota. Because Mr. Electric was registered with the SBA's registry of franchises, this Minnesota small business loan was issued on an expedited basis. SBA Loan Borrower EKLUND HOLDINGS,INC SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1731 - Electrical Work NAICS Code 235310 - Electrical Contractors Loan Approval Date 6/18/2001 Loan Approval Gross Amount $66,830 Loan Approval from the SBA Of the total $66,830 loan amount, the SBA guaranteed $56,805. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy a Mr. Electric franchise. At the time of the loan, the company had 11 employees. The loan application did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. We can help you find the best banks for small businesses in Ramsey 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: Banking Deregulation's Effects on Entrepreneurship Best Rogers, Minnesota Banks for Small Business
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