Benson, Minnesota Business Gets SBA-Guaranteed Funding from First Federal Savings Bank

An SBA loan from First Federal Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Benson, Minnesota business owner got a $350,000 loan.

This business received financial assistance through the SBA's lending programs back in 2008. They applied for an SBA loan with First Federal Savings Bank, out of Baxter, Minnesota. The loan was granted and they received $350,000 to help grow their Benson, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: OIL AND GAS PIPELINE AND RELATED STRUCTURES CONSTRUCTION
BENSON, MN 56215

SBA Loan Lender

FIRST FEDERAL SAVINGS BANK
14091 BAXTER DR, STE 117
BAXTER, MN 56425

This lender processed this small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

237120 - Oil and Gas Pipeline and Related Structures Construction

Loan Approval Date

1/10/2008

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $175,000.

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 6 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 6 existing jobs.

Start the Process for Getting an SBA Loan Today!

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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Federal Savings Bank and they will explain how you can get an SBA loan for your company.

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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