Getting an SBA Loan for Store Retailers

With these commercial loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $27,000 was given to a Minnesota entrepreneur in 2002.

This business knew how to go about getting a business bank loan. Based in Detroit Lakes, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Midwest Bank, based in Detroit Lakes, Minnesota.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
DETROIT LAKES, MN 56501

SBA Loan Lender

MIDWEST BANK
613 HWY 10 EAST
DETROIT LAKES, MN 56502

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Retail Stores

NAICS Code

453998 - Store Retailers

Loan Approval Date

6/10/2002

Loan Approval Gross Amount

$27,000

Loan Approval from the SBA

Of the total $27,000 loan amount, the SBA guaranteed $22,950.

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. This SBA loan request did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

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SBA 7A Banks for Detroit Lakes, Minnesota Loans

SBA Minnesota Lenders