Bloomington, Minnesota Business Gets SBA-Guaranteed Funding from First Commercial Bank

First Commercial Bank has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with First Commercial Bank, out of Bloomington, Minnesota. The loan was granted and they received $75,000 to help grow their Bloomington, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: SPORTING AND RECREATIONAL GOODS AND SUPPLIES
BLOOMINGTON, MN 55438

SBA Loan Lender

FIRST COMMERCIAL BANK
8500 NORMANDALE LAKE BLVD, ST
BLOOMINGTON, MN 55437

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.

SIC Code

5091 - Sporting and Recreational Goods and Supplies

NAICS Code

421910 - Sporting and Recreational Goods and Supplies Wholesalers

Loan Approval Date

6/8/2000

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $60,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business 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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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