Grand Rapids, Minnesota Business Gets SBA-Guaranteed Funding from American Bank Of The North

An SBA loan from American Bank Of The North typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Grand Rapids, Minnesota business owner got a $15,500 loan.

This small firm knew how to go about getting a business bank loan. Based in Grand Rapids, Minnesota, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was American Bank Of The North, based in Nashwauk, Minnesota.

SBA Loan Borrower

COMPANY TYPE: BEER, WINE, AND LIQUOR STORES
GRAND RAPIDS, MN 55744

SBA Loan Lender

AMERICAN BANK OF THE NORTH
117 CENTRAL AVE
NASHWAUK, MN 55769

The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

445310 - Beer, Wine, and Liquor Stores

Loan Approval Date

1/30/2004

Loan Approval Gross Amount

$15,500

Loan Approval from the SBA

Of the total $15,500 loan amount, the SBA guaranteed $7,750.

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 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs.

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like American Bank Of The North that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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 Cash Advances

Find an SBA Lender in Nashwauk, Minnesota

Getting an SBA Loan in Minnesota