Foley, Minnesota Business Gets SBA-Guaranteed Funding from Frandsen Bank & Trust

An SBA loan from Frandsen Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Foley, Minnesota business owner got a $24,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Foley, Minnesota was able to borrow $24,000 from Frandsen Bank & Trust. The SBA made the loan possible by guaranteeing $20,400 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIALTY OUTPATIENT FACILITIES
FOLEY, MN 56329

SBA Loan Lender

FRANDSEN BANK & TRUST
341 4TH AVE
FOLEY, MN 56329

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8093 - Specialty Outpatient Facilities

NAICS Code

621498 - Outpatient Care Centers

Loan Approval Date

4/24/2002

Loan Approval Gross Amount

$24,000

Loan Approval from the SBA

Of the total $24,000 loan amount, the SBA guaranteed $20,400.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in 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 funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $24,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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