Business Loan from 21st Century Bank Given to Full-Service Restaurants Company

An SBA loan from 21st Century Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Maple Grove, Minnesota business owner got a $63,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Maple Grove, Minnesota, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was 21st Century Bank, based in Loretto, Minnesota.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MAPLE GROVE, MN 55369

SBA Loan Lender

21ST CENTURY BANK
699 N MEDINA ST
LORETTO, MN 55357

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

722110 - Full-Service Restaurants

Loan Approval Date

6/24/2005

Loan Approval Gross Amount

$63,000

Loan Approval from the SBA

Of the total $63,000 loan amount, the SBA guaranteed $31,500.

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 25 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 7 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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

Small Bank Loans in Loretto, Minnesota

SBA Lenders in Minnesota