Community Bank Vernon Center SBA Loan to Bands, Orchestras, Actors And Entertainment Company

Community Bank Vernon Center has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

This business knew how to go about getting a business bank loan. Based in Mankato, Minnesota, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Community Bank Vernon Center, based in Mankato, Minnesota.

SBA Loan Borrower

COMPANY TYPE: BANDS, ORCHESTRAS, ACTORS AND ENTERTAINMENT
MANKATO, MN 56001

SBA Loan Lender

COMMUNITY BANK VERNON CENTER
951 MADISON AVE
MANKATO, MN 56001

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

7929 - Bands, Orchestras, Actors and Entertainment

NAICS Code

711130 - Musical Groups and Artists

Loan Approval Date

6/20/2002

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

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. The loan application did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $85,000 loan. Remember, fight for what you want, and it will be yours!

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:

Obtaining Funding From a Venture Capitalist

Good Banks for Small Business in Mankato, Minnesota

Browse All Business Loan Sources for Minnesota