The Lake Bank SBA Loan to Eating Places Company

Searching for a Minnesota SBA loan? Here's one Minnesota business loan that was approved by the SBA.

This local small business knew how to go about getting a business bank loan. Based in Beaver Bay, Minnesota, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was The Lake Bank, based in Two Harbors, Minnesota.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BEAVER BAY, MN 55614

SBA Loan Lender

THE LAKE BANK
613 1ST AVE
TWO HARBORS, MN 55616

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

1/18/2000

Loan Approval Gross Amount

$48,000

Loan Approval from the SBA

Of the total $48,000 loan amount, the SBA guaranteed $38,400.

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 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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