Bemidji, Minnesota Entrepreneur Gets an SBA Loan

Bank loans in Minnesota are tough to come by these days. We take a look at one Minnesota bank loan, provided by a Minnesota bank, that was approved by the SBA.

This company, based in Bemidji, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from 1st National Bank - Deerwood. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
BEMIDJI, MN 56601

SBA Loan Lender

1ST NATIONAL BANK - DEERWOOD
21236 ARCHIBALD RD
DEERWOOD, MN 56444

This lender issued this loan for a small business under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

10/17/2007

Loan Approval Gross Amount

$31,000

Loan Approval from the SBA

Of the total $31,000 loan amount, the SBA guaranteed $26,350.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

If you have been wondering how do i get money to start a business in Bemidji MN, you ought to talk with a local Bemidji SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bemidji businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like 1st National Bank - Deerwood are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Obtaining Funding - How to Borrow Money

SBA 7A Banks for Deerwood, Minnesota Loans

Getting a Business Loan in Minnesota