Commercial Loans for Recreational and Vacation Camps

With these commercial loans for recreational and vacation camps, the SBA guarantees the lender that the loan will be repaid. This recreational and vacation camps loan for $409,000 was given to a Minnesota entrepreneur in 2005.

This business knew how to go about getting a business bank loan. Based in Bigfork, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was American Bank Of The North, based in Nashwauk, Minnesota.

SBA Loan Borrower

COMPANY TYPE: RECREATIONAL AND VACATION CAMPS
BIGFORK, MN 56628

SBA Loan Lender

AMERICAN BANK OF THE NORTH
117 CENTRAL AVE
NASHWAUK, MN 55769

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721214 - Recreational and Vacation Camps

Loan Approval Date

10/24/2005

Loan Approval Gross Amount

$409,000

Loan Approval from the SBA

Of the total $409,000 loan amount, the SBA guaranteed $306,750.

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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Bank Of The North had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Bank Of The North made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Strategic Investors

SBA 7A Banks in Nashwauk, Minnesota

Getting an SBA Loan in Minnesota