Business Loan from First Federal Savings Bank Given to Full-Service Restaurants Company

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 Big Lake, Minnesota business owner got a $114,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Big Lake, Minnesota was able to borrow $114,000 from First Federal Savings Bank. The SBA made the loan possible by guaranteeing $96,900 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BIG LAKE, MN 55309

SBA Loan Lender

FIRST FEDERAL SAVINGS BANK
240 JEFFERSON BLVD
BIG LAKE, MN 55309

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/6/2006

Loan Approval Gross Amount

$114,000

Loan Approval from the SBA

Of the total $114,000 loan amount, the SBA guaranteed $96,900.

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 12 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This SBA loan was for $114,000. How would you spend $114,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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