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November 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > American Bank Of St. Paul Saint Paul Business Loans > Beauty Shops Loan | ||||
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Small Business Loans from American Bank Of St. Paul
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Business Loan from American Bank Of St. Paul Given to Beauty Shops CompanyAmerican Bank Of St. Paul and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. This small firm knew how to go about getting a business bank loan. Based in Maplewood, Minnesota, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was American Bank Of St. Paul, based in Saint Paul, Minnesota. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender AMERICAN BANK OF ST. PAUL This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7231 - Beauty Shops Loan Approval Date 4/6/2000 Loan Approval Gross Amount $56,800 Loan Approval from the SBA Of the total $56,800 loan amount, the SBA guaranteed $45,440. 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 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Bank Of St. Paul had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Bank Of St. Paul 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: Obtaining Funding - How to Borrow Money Best Banks in Saint Paul, Minnesota Getting an SBA Loan in Minnesota
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