Minneapolis, Minnesota Business Gets SBA-Guaranteed Funding from Associated Bank
Associated Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.
Getting a small business loan in Minneapolis, Minnesota was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Associated Bank, operating out of Plymouth, Minnesota. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: BUSINESS SERVICES
MINNEAPOLIS, MN 55410
SBA Loan Lender
ASSOCIATED BANK
2655 CAMPUS DR
PLYMOUTH, MN 55441
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
7389 - Business Services
NAICS Code
541410 - Interior Design Services
Loan Approval Date
12/11/2001
Loan Approval Gross Amount
$72,000
Loan Approval from the SBA
Of the total $72,000 loan amount, the SBA guaranteed $61,200.
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 3 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Associated Bank and they will explain how you can get an SBA loan for your company.
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 - How to Decide How Much to Raise
Find an SBA Lender in Plymouth, Minnesota
Minnesota SBA 7A Banks