Menahga, Minnesota Lender Lends Money to Grocery Stores Company

Want to talk with a Menahga, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Menahga bank, that was approved by the SBA.

Applying for an SBA loan with First National Bank - Menahga & Sebe worked out well for our friends at one local company in Menahga, Minnesota. They got an SBA loan for $150,000. Great job!

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
MENAHGA, MN 56464

SBA Loan Lender

FIRST NATIONAL BANK - MENAHGA & SEBE
21 MAIN ST NE
MENAHGA, MN 56464

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.

SIC Code

5411 - Grocery Stores

NAICS Code

445110 - Supermarkets and Grocery Stores

Loan Approval Date

12/1/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 15 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 First National Bank - Menahga & Sebe 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.

Related Links:

Business Incubators

SBA 7A Banks in Menahga, Minnesota

SBA Minnesota Lenders