Business Loan from First State Bank Given to Hotels And Motels Company

An SBA loan from First State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fountain, Minnesota business owner got a $200,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fountain, Minnesota was able to borrow $200,000 from First State Bank. The SBA made the loan possible by guaranteeing $150,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
FOUNTAIN, MN 55949

SBA Loan Lender

FIRST STATE BANK
101 MAIN ST
FOUNTAIN, MN 55935

This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

10/4/2002

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 4 employees. The SBA loan documents did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $200,000 loan. Remember, things become real when you believe you can achieve them!

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:

Bank Credit Lines

SBA 7A Banks for Fountain, Minnesota Loans

Getting a Business Loan in Minnesota