Brainerd, Minnesota Entrepreneur Gets a Small Business Loan

Bank loans in Minnesota are tough to come by these days. We take a look at one Minnesota bank loan, provided by a Minnesota bank, that was approved by the SBA.

This company, based in Brainerd, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Peoples National Bank Of Mora. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PLASTICS PRODUCTS
BRAINERD, MN 56401

SBA Loan Lender

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

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

3089 - Plastics Products

NAICS Code

326199 - Plastics Product Manufacturing

Loan Approval Date

10/29/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 4 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Peoples National Bank Of Mora had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Peoples National Bank Of Mora made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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