Border State Bank SBA Loan to Commodity Contracts Brokerage Company

An SBA loan from Border State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mentor, Minnesota business owner got a $2,000,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mentor, Minnesota was able to borrow $2,000,000 from Border State Bank. The SBA made the loan possible by guaranteeing $1,715,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMODITY CONTRACTS BROKERAGE
MENTOR, MN 56736

SBA Loan Lender

BORDER STATE BANK
133 MAIN ST NORTH
GREENBUSH, MN 56726

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

523140 - Commodity Contracts Brokerage

Loan Approval Date

2/26/2007

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,715,000.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Border State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Small Business Credit Cards

Who Lends Money to Small Businesses in Greenbush, Minnesota

Find an SBA Lender in Minnesota