Convenience Stores Business Loans
With these business loans for convenience stores, the SBA guarantees the lender that the loan will be repaid. This convenience stores loan for $150,000 was given to a Minnesota entrepreneur in 2002.
This small business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with First National Bank - Lakes, out of Minneapolis, Minnesota. The loan was granted and they received $150,000 to help grow their Hilltop, Minnesota business.
SBA Loan Borrower
COMPANY TYPE: GROCERY STORES
HILLTOP, MN 55421
SBA Loan Lender
FIRST NATIONAL BANK - LAKES
3100 HENNEPIN AVE SOUTH
MINNEAPOLIS, MN 55408
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5411 - Grocery Stores
NAICS Code
445120 - Convenience Stores
Loan Approval Date
8/6/2002
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
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 10 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans provide money to small business owners for working capital for other expenses.
This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.
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:
Advice on Getting a Small Business Loan
SBA 7A Banks in Minneapolis, Minnesota
SBA Minnesota Lenders