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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Eastbank Minneapolis Business Loans > Grocery Stores Loan | ||||
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Minneapolis, Minnesota SBA Banks
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Minneapolis, Minnesota Bank Lends Money to Grocery Stores Company in Brooklyn Park, MinnesotaGet to know Minneapolis, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. Eastbank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Brooklyn Park, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Eastbank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: GROCERY STORES SBA Loan Lender EASTBANK 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 5411 - Grocery Stores NAICS Code 447110 - Gasoline Stations with Convenience Stores Loan Approval Date 12/20/2001 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 only one employee. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Eastbank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: Banking Deregulation's Effects on Entrepreneurship Banks in Minneapolis, Minnesota
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