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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Blooming Prairie, Business Loans > Farmers & Merchants St. Bank - B Blooming Prairie Business Loans > Insurance Agencies And Brokerages Loan | ||||
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SBA Lenders in Blooming Prairie
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SBA Loan from Farmers & Merchants St. Bank - B Helps Insurance Agencies And Brokerages CompanyAn SBA loan from Farmers & Merchants St. Bank - B typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Blooming Prairie, Minnesota business owner got a $33,500 loan. This business knew how to go about getting a business bank loan. Based in Blooming Prairie, Minnesota, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Farmers & Merchants St. Bank - B, based in Blooming Prairie, Minnesota. SBA Loan Borrower COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES SBA Loan Lender FARMERS & MERCHANTS ST. BANK - B 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 524210 - Insurance Agencies and Brokerages Loan Approval Date 2/25/2005 Loan Approval Gross Amount $33,500 Loan Approval from the SBA Of the total $33,500 loan amount, the SBA guaranteed $28,475. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: Best Blooming Prairie, Minnesota Banks for Small Business
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