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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Duluth, Business Loans > North Shore Bank Of Commerce Duluth Business Loans > Family Clothing Stores Loan | ||||
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Who Lends Money to Duluth Entrepreneurs
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Local Business Gets a Minnesota Business LoanMinnesotaBusiness loans are available to Minnesota business owners through the SBA. In this case, a Minnesota bank provides the loan. You can learn something about getting a small business loan in Duluth, Minnesota by studying this loan to a local business, made back in 2003. Banks like North Shore Bank Of Commerce may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: FAMILY CLOTHING STORES SBA Loan Lender NORTH SHORE BANK OF COMMERCE This lender issued this particular bank 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 5651 - Family Clothing Stores NAICS Code 448140 - Family Clothing Stores Loan Approval Date 12/16/2003 Loan Approval Gross Amount $140,000 Loan Approval from the SBA Of the total $140,000 loan amount, the SBA guaranteed $119,000. 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 3 employees. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like North Shore Bank Of Commerce that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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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