Kensington, Minnesota Bank Gives SBA Loan to General Automotive Repair Company

Want to talk with a Kensington, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Kensington bank, that was approved by the SBA.

Applying for an SBA loan with First State Bank Of Kensington worked out well for our friends at one local firm in Alexandria, Minnesota. The business was able to get an SBA loan for $408,300. Sweet!

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
ALEXANDRIA, MN 56308

SBA Loan Lender

FIRST STATE BANK OF KENSINGTON
11 N CENTRAL AVE
KENSINGTON, MN 56343

This lender issued this SBA small business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/9/2005

Loan Approval Gross Amount

$408,300

Loan Approval from the SBA

Of the total $408,300 loan amount, the SBA guaranteed $306,225.

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 4 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First State Bank Of Kensington 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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