The Bank Of Elk River SBA Loan to Sports And Recreation Instruction Company

An SBA loan from The Bank Of Elk River typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Buffalo, Minnesota business owner got a $120,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Buffalo, Minnesota, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was The Bank Of Elk River, based in Elk River, Minnesota.

SBA Loan Borrower

COMPANY TYPE: SPORTS AND RECREATION INSTRUCTION
BUFFALO, MN 55313

SBA Loan Lender

THE BANK OF ELK RIVER
630 MAIN ST
ELK RIVER, MN 55330

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611620 - Sports and Recreation Instruction

Loan Approval Date

2/16/2006

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

We've showcased information on this loan to let you know that businesses like yours 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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