SBA Loan from First Bank Blue Earth Helps Video Tape Rental Company

An SBA loan from First Bank Blue Earth typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Blue Earth, Minnesota business owner got a $24,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Blue Earth, Minnesota, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was First Bank Blue Earth, based in Blue Earth, Minnesota.

SBA Loan Borrower

COMPANY TYPE: VIDEO TAPE RENTAL
BLUE EARTH, MN 56013

SBA Loan Lender

FIRST BANK BLUE EARTH
306 S MAIN
BLUE EARTH, MN 56013

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring 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

7841 - Video Tape Rental

NAICS Code

532230 - Video Tape and Disc Rental

Loan Approval Date

5/13/2003

Loan Approval Gross Amount

$24,000

Loan Approval from the SBA

Of the total $24,000 loan amount, the SBA guaranteed $20,400.

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 5 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

This SBA loan was for $24,000. How would you spend $24,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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