Business Loan from Great Northern Bank Given to Video Tape Rental Company

An SBA loan from Great Northern Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Albertville, Minnesota business owner got a $82,400 loan.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Great Northern Bank, out of Saint Michael, Minnesota. The loan was granted and they received $82,400 to help grow their Albertville, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: VIDEO TAPE RENTAL
ALBERTVILLE, MN 55301

SBA Loan Lender

GREAT NORTHERN BANK
12725 43RD ST NE
SAINT MICHAEL, MN 55376

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7841 - Video Tape Rental

NAICS Code

532230 - Video Tape and Disc Rental

Loan Approval Date

12/18/2001

Loan Approval Gross Amount

$82,400

Loan Approval from the SBA

Of the total $82,400 loan amount, the SBA guaranteed $70,040.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. 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!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $82,400 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Angel Investors

Banks in Saint Michael, Minnesota

SBA Lenders in Minnesota