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December 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Cokato, Business Loans > State Bank Of Cokato Cokato Business Loans > Full-Service Restaurants Loan | ||||
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SBA Lenders in Minnesota
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Cokato, Minnesota Business Gets SBA-Guaranteed Funding from State Bank Of CokatoState Bank Of Cokato and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Cokato, Minnesota was an essential business goal for this firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from State Bank Of Cokato, operating out of Cokato, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender STATE BANK OF COKATO This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 6/26/2003 Loan Approval Gross Amount $620,000 Loan Approval from the SBA Of the total $620,000 loan amount, the SBA guaranteed $415,028. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 44 employees. The SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. State Bank Of Cokato had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, State Bank Of Cokato made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Best Banks in Cokato, Minnesota
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