Meadowlands, Minnesota Entrepreneur Gets a Bank Loan

Would a Minnesota bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs.

This company, based in Meadowlands, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Security State Bank Of Hibbing. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: WOOD PRODUCTS
MEADOWLANDS, MN 55765

SBA Loan Lender

SECURITY STATE BANK OF HIBBING
701 E HOWARD ST
HIBBING, MN 55746

This lender issued this particular SBA small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2499 - Wood Products

NAICS Code

339999 - Manufacturing

Loan Approval Date

12/28/2001

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 5 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Security State Bank Of Hibbing so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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