SBA Loan from The Lake Bank Helps Snack And Nonalcoholic Beverage Bars Company

An SBA loan from The Lake 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 $145,000 loan.

Getting a small business loan in Duluth, Minnesota was an essential business goal for this firm back in 2001 and, based on their loan application, they were successful in getting an SBA loan from The Lake Bank, operating out of Two Harbors, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SNACK AND NONALCOHOLIC BEVERAGE BARS
DULUTH, MN 55804

SBA Loan Lender

THE LAKE BANK
613 1ST AVE
TWO HARBORS, MN 55616

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

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

10/26/2001

Loan Approval Gross Amount

$145,000

Loan Approval from the SBA

Of the total $145,000 loan amount, the SBA guaranteed $123,250.

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 9 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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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