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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 > Repair Shops And Related Services Loan | ||||
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Rochester, Minnesota Bank for SBA Loans
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Entrepreneur Works With Rochester, Minnesota Bank to Get an SBA LoanThinking about meeting with a Rochester, Minnesota bank about a small 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 firm in Spring Valley, Minnesota. They received an SBA loan for $43,500. Way to go! SBA Loan Borrower COMPANY TYPE: REPAIR SHOPS AND RELATED SERVICES SBA Loan Lender HOME FEDERAL SAVINGS BANK 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 7699 - Repair Shops and Related Services NAICS Code 561790 - Services to Buildings and Dwellings Loan Approval Date 3/19/2003 Loan Approval Gross Amount $43,500 Loan Approval from the SBA Of the total $43,500 loan amount, the SBA guaranteed $36,975. 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 only one employee. The SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Don't apply for a loan directly with the SBA. You need to 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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 Where to Get an SBA Loan in Rochester, Minnesota
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