Local Business Gets a Minnesota Small Business Loan

Business loans in Minnesota are tough to come by these days. We take a look at one Minnesota business loan, provided by a North Dakota bank, that was approved by the SBA.

You can learn something about getting a small business loan in Marshall, Minnesota by studying this loan to a local business, made back in 2004. Banks like Bank Of The West may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: COURIERS AND EXPRESS DELIVERY SERVICES
MARSHALL, MN 56258

SBA Loan Lender

BANK OF THE WEST
520 MAIN AVE
FARGO, ND 58124

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

492110 - Couriers and Express Delivery Services

Loan Approval Date

9/21/2004

Loan Approval Gross Amount

$74,000

Loan Approval from the SBA

Of the total $74,000 loan amount, the SBA guaranteed $62,900.

More Information on This SBA Loan

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

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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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