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December 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > East Grand Forks, Business Loans > Community Bank - Red River Valle East Grand Forks Business Loans > Shoe Stores Loan | ||||
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East Grand Forks, Minnesota SBA 7A Banks
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Entrepreneur Works With East Grand Forks, Minnesota Bank to Get an SBA LoanAn East Grand Forks, Minnesota SBA loan can be yours. Learn how a business got a $20,000 business loan from this Minnesota bank. This loan to a local firm is a good example of an SBA loan. Community Bank - Red River Valle made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: SHOE STORES SBA Loan Lender COMMUNITY BANK - RED RIVER VALLE This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 448210 - Shoe Stores Loan Approval Date 6/4/2003 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $17,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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. Related Links: Best Banks in East Grand Forks, Minnesota
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