SBA Loan from Ultima Bank Minnesota Helps Commodity Contracts Brokerage Company

An SBA loan from Ultima Bank Minnesota typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mentor, Minnesota business owner got a $500,000 loan.

This business knew how to go about getting a business bank loan. Based in Mentor, Minnesota, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Ultima Bank Minnesota, based in Winger, Minnesota.

SBA Loan Borrower

COMPANY TYPE: COMMODITY CONTRACTS BROKERAGE
MENTOR, MN 56736

SBA Loan Lender

ULTIMA BANK MINNESOTA
649 MAIN ST
WINGER, MN 56592

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

523140 - Commodity Contracts Brokerage

Loan Approval Date

1/9/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $425,000.

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 5 employees. The loan application did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Mentor 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:

How to Raise Money

Find an SBA Lender in Winger, Minnesota

SBA Participating Banks in Minnesota