Getting an SBA Loan for Lessors of Residential Buildingsv and Dwellings

Looking for commercial loans for lessors of residential buildingsv and dwellings? Talk to a banker who works with the SBA. This $65,000 lessors of residential buildingsv and dwellings loan was issued by a Minnesota bank.

This small business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Merchants Bank, out of Winona, Minnesota. The loan was granted and they received $65,000 to help grow their Dover, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: LESSORS OF RESIDENTIAL BUILDINGSV AND DWELLINGS
Dover, MN 55929

SBA Loan Lender

MERCHANTS BANK
102 E THIRD ST
WINONA, MN 55987

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

531110 - Lessors of Residential Buildingsv and Dwellings

Loan Approval Date

4/20/2007

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $48,750.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Merchants Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Merchants Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

SBIR Funding

Best Winona, Minnesota Banks for Small Business

SBA Participating Banks in Minnesota