Clear Lake, Minnesota Business Gets SBA-Guaranteed Funding from Falcon National Bank

An SBA loan from Falcon National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Clear Lake, Minnesota business owner got a $50,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Clear Lake, Minnesota was able to borrow $50,000 from Falcon National Bank. The SBA made the loan possible by guaranteeing $25,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: POWER AND COMMUNICATION LINE AND RELATED STRUCTURES CONSTRUCTION
CLEAR LAKE, MN 55319

SBA Loan Lender

FALCON NATIONAL BANK
183 CEDAR DR
FOLEY, MN 56329

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

237130 - Power and Communication Line and Related Structures Construction

Loan Approval Date

11/8/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 only one employee. The loan application indicated that the loan would help generate 3 new jobs and retain 4 existing jobs.

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

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 Clear Lake 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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