Business Loan from First Independent Bank Given to Grocery Stores Company

An SBA loan from First Independent Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Marshall, Minnesota business owner got a $434,700 loan.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with First Independent Bank, out of Balaton, Minnesota. The loan was granted and they received $434,700 to help grow their Marshall, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
MARSHALL, MN 56258

SBA Loan Lender

FIRST INDEPENDENT BANK
108 THIRD ST
BALATON, MN 56115

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

8/13/2001

Loan Approval Gross Amount

$434,700

Loan Approval from the SBA

Of the total $434,700 loan amount, the SBA guaranteed $326,025.

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 13 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $434,700 loan. Remember, where there is a will, there is a way!

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:

The Art of Bootstrapping

SBA Banks in Balaton, Minnesota

Getting an SBA Loan in Minnesota