Wells, Minnesota Bank Gives SBA Loan to Drinking Places Company

Get to know Wells, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. Paragon Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Bird Island, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Paragon Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
BIRD ISLAND, MN 55310

SBA Loan Lender

PARAGON BANK
190 S BROADWAY
WELLS, MN 56097

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

10/8/2003

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. This SBA loan request did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

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

If you are raising money in Bird Island MN, you ought to talk with a local Bird Island SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bird Island businesses.

We can help you find the best banks for small businesses in Bird Island or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Realistic Debt Financing Options

Small Business Banks in Wells, Minnesota

SBA Participating Banks in Minnesota