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January 22, 2025 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Faribault, Business Loans > 1st United Bank Faribault Business Loans > Motorcycle, Atv, And Personal Watercraft Dealers Loan | ||||
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Faribault Bank Loan
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Faribault, Minnesota Lender Lends Money to Motorcycle, Atv, And Personal Watercraft Dealers CompanyWant to talk with a Faribault, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Faribault bank, that was approved by the SBA. Applying for an SBA loan with 1st United Bank worked out well for our friends at one local firm in Faribault, Minnesota. They received an SBA loan for $310,000. Sweet! SBA Loan Borrower COMPANY TYPE: MOTORCYCLE, ATV, AND PERSONAL WATERCRAFT DEALERS SBA Loan Lender 1ST UNITED BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441221 - Motorcycle, ATV, and Personal Watercraft Dealers Loan Approval Date 10/18/2006 Loan Approval Gross Amount $310,000 Loan Approval from the SBA Of the total $310,000 loan amount, the SBA guaranteed $232,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st United Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st United Bank 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: SBA 7A Banks for Faribault, Minnesota Loans
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