Farmington, Minnesota Bank Gives SBA Loan to General Automotive Repair Company

Find Farmington, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. Premier Bank Minnesota is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Burnsville, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Premier Bank Minnesota. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
BURNSVILLE, MN 55306

SBA Loan Lender

PREMIER BANK MINNESOTA
316 OAK ST
FARMINGTON, MN 55024

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

9/28/2007

Loan Approval Gross Amount

$37,700

Loan Approval from the SBA

Of the total $37,700 loan amount, the SBA guaranteed $18,850.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.

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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Premier Bank Minnesota 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:

Borrowing Money from Friends and Family

SBA 7A Banks in Farmington, Minnesota

Browse All Business Loan Sources for Minnesota