Where to Get Capital for Hardware Stores

Looking for small business loans for hardware stores? Talk to a banker who works with the SBA. This $250,000 hardware stores loan was issued by a Minnesota bank.

Getting a small business loan in Delano, Minnesota was important for this growing firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First National Bank - Lakes, operating out of Navarre, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HARDWARE STORES
DELANO, MN 55328

SBA Loan Lender

FIRST NATIONAL BANK - LAKES
2445 SHADYWOOD RD
NAVARRE, MN 55392

This lender processed this SBA bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

444130 - Hardware Stores

Loan Approval Date

10/28/2004

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $125,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Financing Your Business

Best Navarre, Minnesota Banks for Small Business

SBA Minnesota Lenders