Alexandria, Minnesota Lender Lends Money to Beauty Shops Company

Thinking about meeting with an Alexandria, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by an Alexandria bank, that was approved by the SBA.

Applying for an SBA loan with Bremer Bank worked out well for our friends at one local business in Alexandria, Minnesota. The business was able to get an SBA loan for $70,500. Great job!

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
ALEXANDRIA, MN 56308

SBA Loan Lender

BREMER BANK
720 BROADWAY
ALEXANDRIA, MN 56308

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

Loan Approval Date

2/4/2000

Loan Approval Gross Amount

$70,500

Loan Approval from the SBA

Of the total $70,500 loan amount, the SBA guaranteed $56,400.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 7 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bremer Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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.

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