Entrepreneur Works With Baxter, Minnesota Bank to Get an SBA Loan

Find Baxter, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. Lakewood Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Brainerd, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Lakewood Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
BRAINERD, MN 56401

SBA Loan Lender

LAKEWOOD BANK
14084 BAXTER DR, STE 16
BAXTER, MN 56425

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

5/6/2004

Loan Approval Gross Amount

$54,373

Loan Approval from the SBA

Of the total $54,373 loan amount, the SBA guaranteed $46,217.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

This SBA loan was for $54,373. How would you spend $54,373 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.

Related Links:

Microlending as a Small Business Funding Source

SBA Banks in Baxter, Minnesota

Getting a Business Loan in Minnesota