Firm Gets a Minnesota Bank Loan

MinnesotaSmall business loans are available to Minnesota small business owners through the SBA. In this case, a Minnesota bank provides the loan.

This company, based in Excelsior, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Minnesota Bank. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTERS, PERIPHERALS, AND SOFTWARE
EXCELSIOR, MN 55331

SBA Loan Lender

FIRST MINNESOTA BANK
106 E FOURTH ST
MONTICELLO, MN 55362

This lender issued this particular 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

5045 - Computers, Peripherals, and Software

NAICS Code

443120 - Computer and Software Stores

Loan Approval Date

1/23/2002

Loan Approval Gross Amount

$44,600

Loan Approval from the SBA

Of the total $44,600 loan amount, the SBA guaranteed $37,910.

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 2 employees. This SBA loan request did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $44,600 loan. Remember, fight for what you want, and it will be yours!

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:

Alternative Financing

SBA Banks in Monticello, Minnesota

Minnesota SBA 7A Banks