The Lake Bank Gives Small Business Loan to Lumber, Plywood, Millwork, And Wood Panels Company

Want a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners.

Getting a small business loan in Burnsville, Minnesota was a top priority for this loan applicant back in 2000 and, based on their loan application, they were successful in getting an SBA loan from The Lake Bank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: LUMBER, PLYWOOD, MILLWORK, AND WOOD PANELS
BURNSVILLE, MN 55337

SBA Loan Lender

THE LAKE BANK
613 1ST AVE
TWO HARBORS, MN 55616

This SBA 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.

SIC Code

5031 - Lumber, Plywood, Millwork, and Wood Panels

NAICS Code

421310 -

Loan Approval Date

6/20/2000

Loan Approval Gross Amount

$335,000

Loan Approval from the SBA

Of the total $335,000 loan amount, the SBA guaranteed $251,250.

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 8 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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.

Related Links:

Business Line of Credit

SBA Banks in Two Harbors, Minnesota

Minnesota SBA 7A Banks