Business Loan from Lake Area Bank Given to Computer Processing And Data Preparation Company

Lake Area Bank has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

Getting a small business loan in Center City, Minnesota was an essential business goal for this firm back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Lake Area Bank, operating out of Lindstrom, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER PROCESSING AND DATA PREPARATION
CENTER CITY, MN 55012

SBA Loan Lender

LAKE AREA BANK
12790 1ST AVE NORTH
LINDSTROM, MN 55045

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7374 - Computer Processing and Data Preparation

NAICS Code

514210 - Data Processing Services

Loan Approval Date

6/18/2001

Loan Approval Gross Amount

$87,970

Loan Approval from the SBA

Of the total $87,970 loan amount, the SBA guaranteed $74,774.

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 30 employees. This SBA loan request did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

We can help you find the best banks for small businesses in Center City or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Understanding Dilution

Small Business Banks in Lindstrom, Minnesota

SBA Participating Banks in Minnesota