Montevideo, Minnesota Bank Lends Money to Retail Stores Company in Big Stone City, South Dakota

Get SBA loans from a Montevideo, Minnesota bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too.

Minnwest Bank Central is a Montevideo, Minnesota small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a South Dakota company.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
BIG STONE CITY, SD 57216

SBA Loan Lender

MINNWEST BANK CENTRAL
107 N 1ST ST
MONTEVIDEO, MN 56265

This SBA business 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.

SIC Code

5999 - Retail Stores

NAICS Code

453998 - Store Retailers

Loan Approval Date

4/30/2001

Loan Approval Gross Amount

$205,000

Loan Approval from the SBA

Of the total $205,000 loan amount, the SBA guaranteed $153,750.

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

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Minnwest Bank Central 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.

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