SBA Loan from Freeport State Bank Helps Mobile Food Services Company

Freeport State Bank has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

This small firm knew how to go about getting a business bank loan. Based in Melrose, Minnesota, they applied for and received an SBA-guaranteed loan in 2008. The lending bank was Freeport State Bank, based in Freeport, Minnesota.

SBA Loan Borrower

COMPANY TYPE: MOBILE FOOD SERVICES
MELROSE, MN 56352

SBA Loan Lender

FREEPORT STATE BANK
111 MAIN ST EAST
FREEPORT, MN 56331

The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722330 - Mobile Food Services

Loan Approval Date

2/13/2008

Loan Approval Gross Amount

$30,400

Loan Approval from the SBA

Of the total $30,400 loan amount, the SBA guaranteed $15,200.

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 documents indicated that the loan would help generate 1 new job and retain 5 existing jobs.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Freeport State Bank 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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