Braham, Minnesota Entrepreneur Gets a Business Loan

Searching for a Minnesota business loan? This Minnesota entrepreneur got a business loan, provided by a Minnesota bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Braham, Minnesota by studying this loan to a local business, made back in 2007. Banks like Peoples Bank Of Commerce may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE TOWING
BRAHAM, MN 55006

SBA Loan Lender

PEOPLES BANK OF COMMERCE
234 E 1ST AVE
CAMBRIDGE, MN 55008

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

12/7/2007

Loan Approval Gross Amount

$41,300

Loan Approval from the SBA

Of the total $41,300 loan amount, the SBA guaranteed $35,105.

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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Peoples Bank Of Commerce and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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