SBA Loan from Peoples National Bank Of Mora Helps Painting And Paper Hanging Company

Peoples National Bank Of Mora has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brainerd, Minnesota was able to borrow $150,000 from Peoples National Bank Of Mora. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PAINTING AND PAPER HANGING
BRAINERD, MN 56401

SBA Loan Lender

PEOPLES NATIONAL BANK OF MORA
601 W WASHINGTON ST
BRAINERD, MN 56401

This lender issued this particular business 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.

SIC Code

1721 - Painting and Paper Hanging

NAICS Code

235210 - Painting and Wall Covering

Loan Approval Date

4/25/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The loan application did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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