Cloquet, Minnesota Entrepreneur Gets a Small Business Loan

Looking to get a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners.

Getting a small business loan in Cloquet, Minnesota was a top priority for this loan applicant back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Woodlands National Bank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PETROLEUM AND PETROLEUM PRODUCTS WHOLESALERS
CLOQUET, MN 55720

SBA Loan Lender

WOODLANDS NATIONAL BANK
8891 MARKET ST
STURGEON LAKE, MN 55783

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

422720 - Petroleum and Petroleum Products Wholesalers

Loan Approval Date

9/9/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 4 employees. This SBA loan request did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

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.

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.

Related Links:

Alternative Financing

SBA Participating Banks in Sturgeon Lake, Minnesota

Minnesota SBA 7A Lenders