Elysian, Minnesota Lender Lends Money to Wood Kitchen Cabinets Company

Find Elysian, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. Elysian Bank is one such bank, as evidenced by this SBA loan to one business.

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

SBA Loan Borrower

COMPANY TYPE: WOOD KITCHEN CABINETS
FERGUS FALLS, MN 56537

SBA Loan Lender

ELYSIAN BANK
121 E MAIN ST
ELYSIAN, MN 56028

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2434 - Wood Kitchen Cabinets

NAICS Code

337110 - Wood Kitchen Cabinet and Countertop Manufacturing

Loan Approval Date

12/19/2002

Loan Approval Gross Amount

$48,000

Loan Approval from the SBA

Of the total $48,000 loan amount, the SBA guaranteed $40,800.

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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in Fergus Falls or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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