SBA Loan from American Bank Of The North Helps Grocery Stores Company

An SBA loan from American Bank Of The North typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Chisholm, Minnesota business owner got a $353,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chisholm, Minnesota was able to borrow $353,000 from American Bank Of The North. The SBA made the loan possible by guaranteeing $264,750 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
CHISHOLM, MN 55719

SBA Loan Lender

AMERICAN BANK OF THE NORTH
2015 E 3RD AVE
HIBBING, MN 55746

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

Loan Approval Date

8/31/2000

Loan Approval Gross Amount

$353,000

Loan Approval from the SBA

Of the total $353,000 loan amount, the SBA guaranteed $264,750.

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 10 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 15 existing jobs.

Next Steps for Getting an SBA Loan

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Startup Funding Tip

Small Business Banks in Hibbing, Minnesota

SBA Participating Banks in Minnesota