Growing Company Gets a Minnesota SBA Loan

Want a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners.

This small business, based in Inver Grove Heights (rr Name I, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Anchor Bank. We've got the inside scoop on this Minnesota small business loan.

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

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

238910 - Site Preparation Contractors

Loan Approval Date

5/5/2006

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $125,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. The loan application indicated that the loan would help retain 9 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 Anchor Bank 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.

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