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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Mora, Business Loans > Kanabec State Bank Mora Business Loans > General Automotive Repair Loan | ||||
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Mora Bank Loan
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Mora, Minnesota Lender Lends Money to General Automotive Repair CompanyThinking about meeting with a Mora, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Mora bank, that was approved by the SBA. Applying for an SBA loan with Kanabec State Bank worked out well for our friends at one local firm in Cambridge, Minnesota. The business was able to get an SBA loan for $515,000. Sweet! SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender KANABEC STATE BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA small business 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 811111 - General Automotive Repair Loan Approval Date 12/22/2004 Loan Approval Gross Amount $515,000 Loan Approval from the SBA Of the total $515,000 loan amount, the SBA guaranteed $386,250. 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 3 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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 Good Banks for Small Business in Mora, Minnesota Browse All Business Loan Sources for Minnesota
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