Business Loans for Hardware Stores

With these business loans for hardware stores, the SBA guarantees the lender that the loan will be repaid. This hardware stores loan for $300,500 was given to a Minnesota entrepreneur in 2002.

This small business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Minnwest Bank Luverne, out of Luverne, Minnesota. The loan was granted and they received $300,500 to help grow their Luverne, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: HARDWARE STORES
LUVERNE, MN 56156

SBA Loan Lender

MINNWEST BANK LUVERNE
116 E MAIN
LUVERNE, MN 56156

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide 7A business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

444130 - Hardware Stores

Loan Approval Date

9/10/2002

Loan Approval Gross Amount

$300,500

Loan Approval from the SBA

Of the total $300,500 loan amount, the SBA guaranteed $225,375.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 8 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Minnwest Bank Luverne are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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