Business Loan from Lake Area Bank Given to Offices And Clinics Of Chiropractors Company

An SBA loan from Lake Area Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Maplewood, Minnesota business owner got a $145,000 loan.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Lake Area Bank, out of Maplewood, Minnesota. The loan was granted and they received $145,000 to help grow their Maplewood, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: OFFICES AND CLINICS OF CHIROPRACTORS
MAPLEWOOD, MN 55109

SBA Loan Lender

LAKE AREA BANK
1535A BEAM AVE
MAPLEWOOD, MN 55109

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

8041 - Offices and Clinics of Chiropractors

NAICS Code

621310 - Chiropractors

Loan Approval Date

4/5/2001

Loan Approval Gross Amount

$145,000

Loan Approval from the SBA

Of the total $145,000 loan amount, the SBA guaranteed $123,250.

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 2 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to hire new employees 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Lake Area Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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