First National Bank Minnesota Gives Bank Loan to Plumbing, Heating, And Air-Conditioning Company

Want a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners.

Getting a small business loan in Mankato, Minnesota was a top priority for this loan applicant back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First National Bank Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING
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 created this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1711 - Plumbing, Heating, and Air-Conditioning

NAICS Code

235110 - Plumbing, Heating, and Air Conditioning Contractors

Loan Approval Date

3/12/2003

Loan Approval Gross Amount

$53,413

Loan Approval from the SBA

Of the total $53,413 loan amount, the SBA guaranteed $45,401.

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 2 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank Minnesota had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank Minnesota 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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