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May 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Shakopee, Business Loans > Prime Security Bank Shakopee Business Loans > Limited-Service Restaurants Loan | ||||
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Raising Money in Shakopee, Minnesota With SBA Loans
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Prime Security Bank Gives SBA Loan to Limited-Service Restaurants CompanyBusiness loans in Minnesota are hard to find these days. We take a look at one Minnesota business loan, provided by a Minnesota bank, that was approved by the SBA. This business, based in Shakopee, 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 Prime Security Bank. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: LIMITED-SERVICE RESTAURANTS SBA Loan Lender PRIME SECURITY BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722211 - Limited-Service Restaurants Loan Approval Date 12/27/2006 Loan Approval Gross Amount $46,630 Loan Approval from the SBA Of the total $46,630 loan amount, the SBA guaranteed $39,636. 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 5 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees. Getting an SBA Loan For Your Business Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Prime Security Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Advice on Getting a Small Business Loan Best Shakopee, Minnesota Banks for Small Business
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