Duluth, Minnesota Entrepreneur Gets an SBA Loan

Bank loans in Minnesota are hard to find these days. We take a look at one Minnesota bank loan, provided by a Minnesota bank, that was approved by the SBA.

Getting a small business loan in Duluth, Minnesota was a top priority for this loan applicant back in 2005 and, based on their loan application, they were successful in getting an SBA loan from National Bank Of Commerce. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
DULUTH, MN 55806

SBA Loan Lender

NATIONAL BANK OF COMMERCE
1314 E SUPERIOR ST
DULUTH, MN 55805

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

5/20/2005

Loan Approval Gross Amount

$49,000

Loan Approval from the SBA

Of the total $49,000 loan amount, the SBA guaranteed $41,650.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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