Granite Falls, Minnesota Bank Gives SBA Loan to Soybean Farming Company

Find Granite Falls, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. Citizens St. Bank - Clara City is one such bank, as evidenced by this SBA loan to one business.

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

SBA Loan Borrower

COMPANY TYPE: SOYBEAN FARMING
HENDRICKS, MN 56136

SBA Loan Lender

CITIZENS ST. BANK - CLARA CITY
180 8TH AVE
GRANITE FALLS, MN 56241

This commercial 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

111110 - Soybean Farming

Loan Approval Date

4/15/2004

Loan Approval Gross Amount

$657,050

Loan Approval from the SBA

Of the total $657,050 loan amount, the SBA guaranteed $492,788.

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 20 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are interested in getting money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Citizens St. Bank - Clara City and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Obtaining Funding - Friends and Family

SBA 7A Banks for Granite Falls, Minnesota Loans

Where to Get an SBA Loan Minnesota