Business Loans for Taxi Service

With these business loans for taxi service, the SBA guarantees the lender that the loan will be repaid. This taxi service loan for $88,000 was given to a Minnesota entrepreneur in 2002.

Getting a small business loan in Duluth, Minnesota was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Members Cooperative Cu, operating out of Cloquet, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: TAXICABS
DULUTH, MN 55806

SBA Loan Lender

MEMBERS COOPERATIVE CU
101 14TH ST
CLOQUET, MN 55720

This lender issued this particular SBA 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

4121 - Taxicabs

NAICS Code

485310 - Taxi Service

Loan Approval Date

6/14/2002

Loan Approval Gross Amount

$88,000

Loan Approval from the SBA

Of the total $88,000 loan amount, the SBA guaranteed $74,800.

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 34 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your 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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Business Line of Credit

Best Banks for Small Business in Cloquet, Minnesota

Where to Get an SBA Loan Minnesota