Community Devel Bank Fsb SBA Loan to Convenience Stores Company

Community Devel Bank Fsb 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 Detroit Lakes, Minnesota was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Community Devel Bank Fsb, operating out of Ogema, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: CONVENIENCE STORES
DETROIT LAKES, MN 56501

SBA Loan Lender

COMMUNITY DEVEL BANK FSB
516 MAIN ST
OGEMA, MN 56569

This loan for a small business 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

445120 - Convenience Stores

Loan Approval Date

3/18/2003

Loan Approval Gross Amount

$273,800

Loan Approval from the SBA

Of the total $273,800 loan amount, the SBA guaranteed $205,350.

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 4 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Community Devel Bank Fsb so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Determining Proper Capital Structure for a Business

Where to Get an SBA Loan in Ogema, Minnesota

Where to Get an SBA Loan Minnesota