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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Loretto, Business Loans > 21st Century Bank Loretto Business Loans > Full-Service Restaurants Loan | ||||
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Banks in Loretto, Minnesota That Make SBA Loans
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Loretto, Minnesota Bank Lends Money to Full-Service Restaurants Company in Maple Grove, MinnesotaThinking about meeting with a Loretto, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Loretto bank, that was approved by the SBA. Applying for an SBA loan with 21st Century Bank worked out well for our friends at one local business in Maple Grove, Minnesota. The business was able to get an SBA loan for $25,000. Sweet! SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender 21ST CENTURY BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. 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 $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. 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. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 7 existing jobs. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 21st Century Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 21st Century Bank 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. Related Links: SBA Banks in Loretto, Minnesota
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