Minnesota Bank Loan Issued to Coin-Operated Laundries And Drycleaners Company
SBA loans in Minnesota are tough to come by these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA.
Getting a small business loan in Minneapolis, Minnesota was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Stearns Bank. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
MINNEAPOLIS, MN 55412
SBA Loan Lender
STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
812310 - Coin-Operated Laundries and Drycleaners
Loan Approval Date
6/20/2003
Loan Approval Gross Amount
$463,700
Loan Approval from the SBA
Of the total $463,700 loan amount, the SBA guaranteed $347,775.
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 only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job.
Getting an SBA Loan For Your Business
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $463,700 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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:
Business Line of Credit
Banks in Saint Cloud, Minnesota
Getting an SBA Loan in Minnesota