Raising Money for Direct Selling Establishments

With these business loans for direct selling establishments, the SBA guarantees the lender that the loan will be repaid. This direct selling establishments loan for $37,000 was given to a Minnesota entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Alexandria, Minnesota was able to borrow $37,000 from State Bank & Trust. The SBA made the loan possible by guaranteeing $31,450 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: DIRECT SELLING ESTABLISHMENTS
ALEXANDRIA, MN 56308

SBA Loan Lender

STATE BANK & TRUST
3100 13TH AVE SW
FARGO, ND 58103

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454390 - Direct Selling Establishments

Loan Approval Date

6/27/2005

Loan Approval Gross Amount

$37,000

Loan Approval from the SBA

Of the total $37,000 loan amount, the SBA guaranteed $31,450.

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 small business planned to use the loan proceeds to add 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 State Bank & Trust 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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