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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Monticello, Business Loans > 1st National Bank - Elk River Monticello Business Loans > Motor Vehicles And Passenger Car Bodies Loan | ||||
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1st National Bank - Elk River Crystal, Minnesota
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Crystal, Minnesota Business Gets SBA-Guaranteed Funding from 1st National Bank - Elk RiverAn SBA loan from 1st National Bank - Elk River typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Crystal, Minnesota business owner got a $80,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Crystal, Minnesota was able to borrow $80,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $64,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLES AND PASSENGER CAR BODIES SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3711 - Motor Vehicles and Passenger Car Bodies Loan Approval Date 3/28/2000 Loan Approval Gross Amount $80,000 Loan Approval from the SBA Of the total $80,000 loan amount, the SBA guaranteed $64,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a small business or need money for an existing business, an SBA loan can be a great source of funding. This SBA loan was for $80,000. How would you spend $80,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: SBA 7A Banks in Monticello, Minnesota
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