Wayzata, Minnesota Lender Lends Money to Site Preparation Contractors Company

Get to know Wayzata, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. Anchor Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Inver Grove Heights (rr Name I, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Anchor Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: SITE PREPARATION CONTRACTORS
INVER GROVE HEIGHTS (RR NAME I, MN 55077

SBA Loan Lender

ANCHOR BANK
1055 E WAYZATA BLVD EAST
WAYZATA, MN 55391

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238910 - Site Preparation Contractors

Loan Approval Date

5/5/2006

Loan Approval Gross Amount

$363,600

Loan Approval from the SBA

Of the total $363,600 loan amount, the SBA guaranteed $272,700.

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 9 employees. The SBA loan application for the borrower indicated that the loan would help retain 9 existing jobs.

Next Steps for Getting an SBA Loan

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 Anchor Bank 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.

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