Luverne, Minnesota Lender Lends Money to Beauty Shops Company

Thinking about meeting with a Luverne, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Luverne bank, that was approved by the SBA.

Applying for an SBA loan with Minnwest Bank Luverne worked out well for our friends at one local business in Luverne, Minnesota. They got an SBA loan for $28,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
LUVERNE, MN 56156

SBA Loan Lender

MINNWEST BANK LUVERNE
116 E MAIN
LUVERNE, MN 56156

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

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

1/3/2003

Loan Approval Gross Amount

$28,000

Loan Approval from the SBA

Of the total $28,000 loan amount, the SBA guaranteed $23,800.

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 5 employees. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are working on finding money to start a business in Luverne MN, you ought to talk with a local Luverne SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Luverne businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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