Business Loan from Park State Bank Given to Piece Goods, Notions, And Dry Goods Merchant Wholesalers Company

An SBA loan from Park State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Duluth, Minnesota business owner got a $105,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Duluth, Minnesota was able to borrow $105,000 from Park State Bank. The SBA made the loan possible by guaranteeing $89,250 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PIECE GOODS, NOTIONS, AND DRY GOODS MERCHANT WHOLESALERS
DULUTH, MN 55803

SBA Loan Lender

PARK STATE BANK
2630 W SUPERIOR ST
DULUTH, MN 55806

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424310 - Piece Goods, Notions, and Dry Goods Merchant Wholesalers

Loan Approval Date

2/15/2007

Loan Approval Gross Amount

$105,000

Loan Approval from the SBA

Of the total $105,000 loan amount, the SBA guaranteed $89,250.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Park State Bank and they will explain how you can get an SBA loan for your company.

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:

Equity Financing

Best Banks for Small Business in Duluth, Minnesota

Getting an SBA Loan in Minnesota