SBA Loan from First National Bank - Lakes Helps Schiffli Machine Embroidery Company

An SBA loan from First National Bank - Lakes typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Bloomington, Minnesota business owner got a $111,000 loan.

This business knew how to go about getting a business bank loan. Based in Bloomington, Minnesota, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was First National Bank - Lakes, based in Minneapolis, Minnesota.

SBA Loan Borrower

COMPANY TYPE: SCHIFFLI MACHINE EMBROIDERY
BLOOMINGTON, MN 55431

SBA Loan Lender

FIRST NATIONAL BANK - LAKES
3100 HENNEPIN AVE SOUTH
MINNEAPOLIS, MN 55408

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

313222 - Schiffli Machine Embroidery

Loan Approval Date

2/27/2004

Loan Approval Gross Amount

$111,000

Loan Approval from the SBA

Of the total $111,000 loan amount, the SBA guaranteed $94,350.

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 6 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer 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.

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