Fosston, Minnesota Business Gets SBA-Guaranteed Funding from Ultima Bank Minnesota

An SBA loan from Ultima Bank Minnesota typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fosston, Minnesota business owner got a $1,500,000 loan.

Getting a small business loan in Fosston, Minnesota was an essential business goal for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Ultima Bank Minnesota, operating out of Winger, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: CONFECTIONERY MERCHANT WHOLESALERS
FOSSTON, MN 56542

SBA Loan Lender

ULTIMA BANK MINNESOTA
649 MAIN ST
WINGER, MN 56592

This lender issued this SBA business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424450 - Confectionery Merchant Wholesalers

Loan Approval Date

8/11/2005

Loan Approval Gross Amount

$1,500,000

Loan Approval from the SBA

Of the total $1,500,000 loan amount, the SBA guaranteed $1,125,000.

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 9 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

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Small Bank Loans in Winger, Minnesota

Minnesota SBA 7A Lenders