Growing Company Gets a Minnesota Small Business Loan

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

You can learn something about getting a small business loan in Brooklyn Center, Minnesota by studying this loan to a local company, made back in 2002. Banks like Landmark Commun Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
BROOKLYN CENTER, MN 55429

SBA Loan Lender

LANDMARK COMMUN BANK
14150 ST FRANCIS BLVD NW
RAMSEY, MN 55303

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/25/2002

Loan Approval Gross Amount

$1,700,000

Loan Approval from the SBA

Of the total $1,700,000 loan amount, the SBA guaranteed $986,000.

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 45 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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 $1,700,000. How would you spend $1,700,000 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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