Blooming Prairie, Minnesota Entrepreneur Gets a Business Loan

Would a Minnesota SBA loan help your business get to the next level? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs.

Getting a small business loan in Blooming Prairie, Minnesota was a top priority for this particular business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Farmers & Merchants St. Bank - B. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COATING, ENGRAVING, AND ALLIED SERVICES
BLOOMING PRAIRIE, MN 55917

SBA Loan Lender

FARMERS & MERCHANTS ST. BANK - B
245 E MAIN
BLOOMING PRAIRIE, MN 55917

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3479 - Coating, Engraving, and Allied Services

Loan Approval Date

7/27/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 $100,000 loan. Remember, where there is a will, there is a way!

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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