Entrepreneur Works With Rochester, Minnesota Bank to Get an SBA Loan

Thinking about meeting with a Rochester, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Rochester bank, that was approved by the SBA.

Applying for an SBA loan with Olmsted National Bank worked out well for our friends at one local firm in Byron, Minnesota. They got an SBA loan for $50,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: SUPPORT ACTIVITIES FOR ANIMAL PRODUCTION
BYRON, MN 55920

SBA Loan Lender

OLMSTED NATIONAL BANK
975 34TH AVE
ROCHESTER, MN 55901

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

115210 - Support Activities for Animal Production

Loan Approval Date

2/1/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Olmsted National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Obtaining Funding - Friends and Family

Find an SBA Lender in Rochester, Minnesota

Minnesota SBA 7A Lenders