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 $50,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Border State Bank, out of Thief River Falls, Minnesota. The loan was granted and they received $50,000 to help grow their Mentor, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: COMMODITY CONTRACTS BROKERAGE
MENTOR, MN 56736

SBA Loan Lender

BORDER STATE BANK
1528 HWY 59 SOUTH
THIEF RIVER FALLS, MN 56701

This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

523140 - Commodity Contracts Brokerage

Loan Approval Date

2/2/2005

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $45,000.

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 loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start business in Mentor MN, you ought to talk with a local Mentor SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mentor businesses.

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.

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