Saint Cloud, Minnesota Bank Gives SBA Loan to Hotels And Motels Company

Want to talk with a Saint Cloud, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Saint Cloud bank, that was approved by the SBA.

Applying for an SBA loan with Stearns Bank worked out well for our friends at one local business in Clinton, Minnesota. The business was able to get an SBA loan for $211,600. Great job!

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
CLINTON, MN 56225

SBA Loan Lender

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

This commercial loan was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA delivers a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

5/20/2002

Loan Approval Gross Amount

$211,600

Loan Approval from the SBA

Of the total $211,600 loan amount, the SBA guaranteed $158,700.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The loan application did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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