Mankato, Minnesota Business Gets SBA-Guaranteed Funding from First National Bank

An SBA loan from First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mankato, Minnesota business owner got a $150,000 loan.

Getting a small business loan in Mankato, Minnesota was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from First National Bank, operating out of Sioux City, Iowa. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SPORTING GOODS STORES
MANKATO, MN 56001

SBA Loan Lender

FIRST NATIONAL BANK
600 PIERCE ST
SIOUX CITY, IA 51101

This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451110 - Sporting Goods Stores

Loan Approval Date

11/14/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Don't apply for a loan directly with the SBA. You need to 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.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Small Business Loan

SBA Participating Banks in Sioux City, Iowa

Iowa SBA 7A Banks