Mankato, Minnesota Business Gets SBA-Guaranteed Funding from Community Bank Vernon Center

An SBA loan from Community Bank Vernon Center typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mankato, Minnesota business owner got a $50,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Mankato, Minnesota, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Community Bank Vernon Center, based in Vernon Center, Minnesota.

SBA Loan Borrower

COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS
MANKATO, MN 56001

SBA Loan Lender

COMMUNITY BANK VERNON CENTER
201 E MAIN ST
VERNON CENTER, MN 56090

This bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

238220 - Plumbing, Heating, and Air-Conditioning Contractors

Loan Approval Date

4/7/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The loan application indicated that the loan would help retain 8 existing jobs.

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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer 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.

Related Links:

Financing Your Business

Best Banks for Small Business in Vernon Center, Minnesota

Find an SBA Lender in Minnesota