Duluth, Minnesota Business Gets SBA-Guaranteed Funding from Western National Bank - Cass Lake

Western National Bank - Cass Lake is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Western National Bank - Cass Lake, out of Cass Lake, Minnesota. The loan was granted and they received $86,700 to help grow their Duluth, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: PLUMBING AND HEATING EQUIPMENT AND SUPPLIES MERCHANT WHOLESALER
DULUTH, MN 55812

SBA Loan Lender

WESTERN NATIONAL BANK - CASS LAKE
210 2ND ST NW
CASS LAKE, MN 56633

This lender processed this SBA bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

423720 - Plumbing and Heating Equipment and Supplies Merchant Wholesaler

Loan Approval Date

6/27/2007

Loan Approval Gross Amount

$86,700

Loan Approval from the SBA

Of the total $86,700 loan amount, the SBA guaranteed $43,350.

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 indicated that the funding would help generate 2 new jobs.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $86,700 loan. Remember, feel the fear, and do it anyway.

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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