Business Loan from First National Bank Minnesota Given to Beer, Wine, And Liquor Stores Company

First National Bank Minnesota is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

This small firm knew how to go about getting a business bank loan. Based in Mankato, Minnesota, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was First National Bank Minnesota, based in Mankato, Minnesota.

SBA Loan Borrower

COMPANY TYPE: BEER, WINE, AND LIQUOR STORES
MANKATO, MN 56001

SBA Loan Lender

FIRST NATIONAL BANK MINNESOTA
500 LONG ST
MANKATO, MN 56001

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445310 - Beer, Wine, and Liquor Stores

Loan Approval Date

4/28/2005

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $114,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First National Bank Minnesota 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:

The Art of Bootstrapping

SBA Participating Banks in Mankato, Minnesota

Getting a Business Loan in Minnesota