Business Loans for Motor Vehicle Towing

Looking for business loans for motor vehicle towing? Try the SBA. This $563,700 motor vehicle towing loan was issued by a Minnesota bank.

This business knew how to go about getting a business bank loan. Based in Lino Lakes, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Stearns Bank, based in Saint Cloud, Minnesota.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE TOWING
LINO LAKES, MN 55014

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This SBA 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

488410 - Motor Vehicle Towing

Loan Approval Date

2/8/2001

Loan Approval Gross Amount

$563,700

Loan Approval from the SBA

Of the total $563,700 loan amount, the SBA guaranteed $422,775.

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 10 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Stearns 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.

Related Links:

Angel Investors

SBA Banks in Saint Cloud, Minnesota

Getting an SBA Loan in Minnesota