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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Park Rapids, Business Loans > State Bank Of Park Rapids Park Rapids Business Loans > General Automotive Repair Loan | ||||
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We Needed a Business Loan in Menahga, Minnesota and We Got One!
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General Automotive Repair Bank LoansWith these bank loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $130,000 was given to a Minnesota entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Menahga, Minnesota was able to borrow $130,000 from State Bank Of Park Rapids. The SBA made the loan possible by guaranteeing $110,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender STATE BANK OF PARK RAPIDS 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. NAICS Code 811111 - General Automotive Repair Loan Approval Date 8/30/2004 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. 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 only one employee. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. We can help you find the best banks for small businesses in Menahga or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: SBA 7A Lenders in Park Rapids, Minnesota
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