21st Century Bank SBA Loan to Residential Remodelers Company

An SBA loan from 21st Century 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 $27,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2008. They applied for an SBA loan with 21st Century Bank, out of Loretto, Minnesota. The loan was granted and they received $27,000 to help grow their Clear Lake, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL REMODELERS
CLEAR LAKE, MN 55319

SBA Loan Lender

21ST CENTURY BANK
699 N MEDINA ST
LORETTO, MN 55357

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

236118 - Residential Remodelers

Loan Approval Date

1/17/2008

Loan Approval Gross Amount

$27,000

Loan Approval from the SBA

Of the total $27,000 loan amount, the SBA guaranteed $13,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

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

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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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