Detroit Lakes, Minnesota Lender Lends Money to Hardware Company

Find Detroit Lakes, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. Midwest Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Detroit Lakes, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Midwest Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: HARDWARE
DETROIT LAKES, MN 56501

SBA Loan Lender

MIDWEST BANK
613 HWY 10 EAST
DETROIT LAKES, MN 56502

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3429 - Hardware

NAICS Code

421510 - Metal Service Centers and Offices

Loan Approval Date

3/30/2001

Loan Approval Gross Amount

$545,000

Loan Approval from the SBA

Of the total $545,000 loan amount, the SBA guaranteed $408,750.

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 15 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Midwest Bank 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.

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