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December 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minnetonka, Business Loans > First Minnesota Bank Minnetonka Business Loans > Hardware Stores Loan | ||||
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How to Get SBA Loans in Champlin, Minnesota
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Get an SBA Loan for Hardware StoresLooking for small business loans for hardware stores? Try the SBA. This $600,000 hardware stores loan was issued by a Minnesota bank. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First Minnesota Bank, out of Minnetonka, Minnesota. The loan was granted and they received $600,000 to help grow their Champlin, Minnesota business. SBA Loan Borrower COMPANY TYPE: HARDWARE STORES SBA Loan Lender FIRST MINNESOTA BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank 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 444130 - Hardware Stores Loan Approval Date 7/31/2003 Loan Approval Gross Amount $600,000 Loan Approval from the SBA Of the total $600,000 loan amount, the SBA guaranteed $450,000. 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 25 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Minnesota Bank and they will explain how you can get an SBA loan for your company. 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: Best Minnetonka, Minnesota Banks for Small Business
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