Minnesota Small Business Loan Issued to Chiropractors Company

MinnesotaSBA loans are available to Minnesota entrepreneurs through the SBA. In this case, a Minnesota bank provides the loan.

You can learn something about getting a small business loan in Luverne, Minnesota by studying this loan to a local business, made back in 2003. Banks like First Farmers & Merchants Natl may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
LUVERNE, MN 56156

SBA Loan Lender

FIRST FARMERS & MERCHANTS NATL
303 E MAIN
LUVERNE, MN 56156

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

10/9/2003

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 3 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need money to start 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Farmers & Merchants Natl had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Farmers & Merchants Natl made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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