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May 17, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Rochester, Business Loans > Home Federal Savings Bank Rochester Business Loans > General Automotive Repair Loan | ||||
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SBA Lender Rochester, Minnesota
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Rochester, Minnesota Lender Lends Money to General Automotive Repair CompanyWant to talk with a Rochester, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Rochester bank, that was approved by the SBA. Applying for an SBA loan with Home Federal Savings Bank worked out well for our friends at one local business in Rochester, Minnesota. The business was able to get an SBA loan for $651,000. Way to go! SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender HOME FEDERAL SAVINGS BANK This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 9/8/2005 Loan Approval Gross Amount $651,000 Loan Approval from the SBA Of the total $651,000 loan amount, the SBA guaranteed $488,250. 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 6 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Small Bank Loans in Rochester, Minnesota
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