Community Devel Bank Fsb Gives Small Business Loan to Funeral Homes And Funeral Services Company

Business loans in Minnesota are tough to come by these days. We take a look at one Minnesota business loan, provided by a Minnesota bank, that was approved by the SBA.

This small business, based in Detroit Lakes, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Community Devel Bank Fsb. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: FUNERAL HOMES AND FUNERAL SERVICES
DETROIT LAKES, MN 56501

SBA Loan Lender

COMMUNITY DEVEL BANK FSB
516 MAIN ST
OGEMA, MN 56569

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812210 - Funeral Homes and Funeral Services

Loan Approval Date

9/26/2002

Loan Approval Gross Amount

$637,000

Loan Approval from the SBA

Of the total $637,000 loan amount, the SBA guaranteed $477,750.

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 3 employees. The SBA loan documents did not indicate that the small business promised 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Community Devel Bank Fsb and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Business Line of Credit

Where to Get an SBA Loan in Ogema, Minnesota

Find an SBA Lender in Minnesota