Firm Gets a Minnesota SBA Loan

Small business loans in Minnesota are are few and far betweeen these days. We take a look at one Minnesota small business loan, provided by a Minnesota bank, that was approved by the SBA.

You can learn something about getting a small business loan in Bigfork, Minnesota by studying this loan to a local company, made back in 2005. Banks like First State Bank Of Bigfork may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: NONUPHOLSTERED WOOD HOUSEHOLD FURNITURE MANUFACTURING
BIGFORK, MN 56628

SBA Loan Lender

FIRST STATE BANK OF BIGFORK
400 MAIN AVE
BIGFORK, MN 56628

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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

337122 - Nonupholstered Wood Household Furniture Manufacturing

Loan Approval Date

10/25/2005

Loan Approval Gross Amount

$96,000

Loan Approval from the SBA

Of the total $96,000 loan amount, the SBA guaranteed $81,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $96,000 loan. Remember, feel the fear, and do it anyway.

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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