Business Loan from Peoples Bank Of Commerce Given to Residential Mental Health And Substance Abuse Facilities Company

Peoples Bank Of Commerce is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cambridge, Minnesota was able to borrow $561,400 from Peoples Bank Of Commerce. The SBA made the loan possible by guaranteeing $421,050 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL MENTAL HEALTH AND SUBSTANCE ABUSE FACILITIES
CAMBRIDGE, MN 55008

SBA Loan Lender

PEOPLES BANK OF COMMERCE
234 E 1ST AVE
CAMBRIDGE, MN 55008

This lender issued this debt financing under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623220 - Residential Mental Health and Substance Abuse Facilities

Loan Approval Date

8/23/2007

Loan Approval Gross Amount

$561,400

Loan Approval from the SBA

Of the total $561,400 loan amount, the SBA guaranteed $421,050.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 26 employees. This SBA loan request indicated that the loan would help retain 26 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

The Friends and Family Network

Small Bank Loans in Cambridge, Minnesota

Minnesota SBA 7A Banks