SBA Loan from 1st National Bank - Henning Helps Leather Goods Company

1st National Bank - Henning has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with 1st National Bank - Henning, out of Ottertail, Minnesota. The loan was granted and they received $75,000 to help grow their Henning, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: LEATHER GOODS
HENNING, MN 56551

SBA Loan Lender

1ST NATIONAL BANK - HENNING
239 MN HWY 78N
OTTERTAIL, MN 56571

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3199 - Leather Goods

NAICS Code

316999 - Leather Good and Allied Product Manufacturing

Loan Approval Date

2/16/2000

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $60,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like 1st National Bank - Henning 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 Ottertail, Minnesota

Minnesota SBA Banks