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November 22, 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 > Drinking Places Loan | ||||
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Alvertville, Minnesota Bank Loan
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Growing Company Gets a Minnesota SBA LoanMinnesotaBank loans are available to Minnesota firms through the SBA. In this case, a Minnesota bank provides the loan. Getting a small business loan in Alvertville, Minnesota was a top priority for this loan applicant back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Stearns Bank. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: DRINKING PLACES SBA Loan Lender STEARNS BANK This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722410 - Drinking Places Loan Approval Date 10/7/2004 Loan Approval Gross Amount $322,000 Loan Approval from the SBA Of the total $322,000 loan amount, the SBA guaranteed $241,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 14 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Stearns Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: SBA Approved Banks in Saint Cloud, Minnesota
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