Business Loan from Stearns Bank Given to Limited-Service Restaurants Company

An SBA loan from Stearns Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Champlin, Minnesota business owner got a $849,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Champlin, Minnesota was able to borrow $849,000 from Stearns Bank. The SBA made the loan possible by guaranteeing $636,750 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
CHAMPLIN, MN 55316

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

10/8/2003

Loan Approval Gross Amount

$849,000

Loan Approval from the SBA

Of the total $849,000 loan amount, the SBA guaranteed $636,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 20 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

We can help you find the best banks for small businesses in Champlin 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.

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