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April 29, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Cloud, Business Loans > Stearns Bank Saint Cloud Business Loans > General Automotive Repair Shops Loan | ||||
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Advice for Entrepreneurs On Getting a Loan
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General Automotive Repair Commercial LoansLooking for commercial loans for general automotive repair? Talk to a banker who works with the SBA. This $200,000 general automotive repair loan was issued by a Minnesota bank. This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Stearns Bank, out of Saint Cloud, Minnesota. The loan was granted and they received $200,000 to help grow their Zimmerman, Minnesota business. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender STEARNS BANK This bank loan was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA provides a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 5/24/2000 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $150,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you need money to start a small business or need money for an existing business, an SBA loan can be a great source of funding. 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 Stearns 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: Obtaining Funding From a Venture Capitalist Best Banks for Small Business in Saint Cloud, Minnesota
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