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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Twin Valley, Business Loans > First Financial Bank Twin Valley Business Loans > Eating Places Loan | ||||
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Getting an SBA Loan in Twin Valley, Minnesota
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Twin Valley, Minnesota Entrepreneur Gets an SBA LoanBusiness 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 company, based in Twin Valley, 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 First Financial Bank. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender FIRST FINANCIAL 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 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 6/19/2003 Loan Approval Gross Amount $83,000 Loan Approval from the SBA Of the total $83,000 loan amount, the SBA guaranteed $70,550. 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 13 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great funding source The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Financial Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Financial Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Family and Friend Investors - Your First Financiers Best Banks for Small Business in Twin Valley, Minnesota Browse All Business Loan Sources for Minnesota
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