Winger, Minnesota Bank Lends Money to Full-Service Restaurants Company in Erskine, Minnesota

Want to talk with a Winger, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Winger bank, that was approved by the SBA.

Applying for an SBA loan with Ultima Bank Minnesota worked out well for our friends at one local company in Erskine, Minnesota. They received an SBA loan for $175,500. Way to go!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ERSKINE, MN 56535

SBA Loan Lender

ULTIMA BANK MINNESOTA
649 MAIN ST
WINGER, MN 56592

This lender processed this 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

722110 - Full-Service Restaurants

Loan Approval Date

8/23/2004

Loan Approval Gross Amount

$175,500

Loan Approval from the SBA

Of the total $175,500 loan amount, the SBA guaranteed $87,750.

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 15 employees. This SBA loan request indicated that the loan would help retain 15 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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