Entrepreneur Works With Mountain Iron, Minnesota Bank to Get an SBA Loan

Find Mountain Iron, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. American Bank Of The North is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Eveleth, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from American Bank Of The North. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: TOBACCO STORES
EVELETH, MN 55734

SBA Loan Lender

AMERICAN BANK OF THE NORTH
8401 UNITY DR
MOUNTAIN IRON, MN 55792

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453991 - Tobacco Stores

Loan Approval Date

5/18/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 application for the borrower did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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Minnesota SBA Bank Lenders