Firm Gets a Minnesota Business 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.

This business, based in Blooming Prairie, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Farmers & Merchants St. Bank - B. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENTS AND BROKERS
BLOOMING PRAIRIE, MN 55917

SBA Loan Lender

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

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6411 - Insurance Agents and Brokers

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

9/30/2002

Loan Approval Gross Amount

$22,000

Loan Approval from the SBA

Of the total $22,000 loan amount, the SBA guaranteed $18,700.

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 loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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 an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Farmers & Merchants St. Bank - B are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Borrowing Money from Friends and Family

Small Bank Loans in Blooming Prairie, Minnesota

Getting an SBA Loan in Minnesota