Minneapolis, Minnesota Bank Gives SBA Loan to Commercial, Industrial, Institutional Electric Lig Company

Get to know Minneapolis, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. Highland Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Mendota Heights, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Highland Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL, INDUSTRIAL, INSTITUTIONAL ELECTRIC LIG
MENDOTA HEIGHTS, MN 55120

SBA Loan Lender

HIGHLAND BANK
811 LASALLE AVE
MINNEAPOLIS, MN 55402

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.

SIC Code

3646 - Commercial, Industrial, Institutional Electric Lig

NAICS Code

335122 - Commercial and Industrial Electric Lighting Fixture Manufacturing

Loan Approval Date

7/28/2000

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $93,750.

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 7 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Highland Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Obtaining Funding - Friends and Family

Small Business Banks in Minneapolis, Minnesota

Getting a Business Loan in Minnesota