Entrepreneur Works With White Bear Lake, Minnesota Bank to Get an SBA Loan

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

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

SBA Loan Borrower

COMPANY TYPE: PHYSICAL FITNESS FACILITIES
FOREST LAKE, MN 55025

SBA Loan Lender

LAKE AREA BANK
1400 E HWY 96
WHITE BEAR LAKE, MN 55110

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7991 - Physical Fitness Facilities

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

12/4/2000

Loan Approval Gross Amount

$355,000

Loan Approval from the SBA

Of the total $355,000 loan amount, the SBA guaranteed $266,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 9 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

This SBA loan was for $355,000. How would you spend $355,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Business Incubators

SBA 7A Lenders in White Bear Lake, Minnesota

Where to Get an SBA Loan Minnesota