Raising Money for Family Clothing Stores

Looking for bank loans for family clothing stores? Try the SBA. This $25,000 family clothing stores loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fairmont, Minnesota was able to borrow $25,000 from State Bank Of Fairmont. The SBA made the loan possible by guaranteeing $20,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL BAKERIES
FAIRMONT, MN 56031

SBA Loan Lender

STATE BANK OF FAIRMONT
918 E BLUE EARTH AVE
FAIRMONT, MN 56031

This lender issued this particular commercial 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

5461 - Retail Bakeries

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

12/5/2000

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $20,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. State Bank Of Fairmont had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, State Bank Of Fairmont 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:

Obtaining Funding - How to Borrow Money

Small Business Banks in Fairmont, Minnesota

Minnesota SBA 7A Lenders