Minneapolis, Minnesota Business Gets SBA-Guaranteed Funding from The Bank Of Elk River

The Bank Of Elk River has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

This business knew how to go about getting a business bank loan. Based in Minneapolis, Minnesota, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was The Bank Of Elk River, based in Elk River, Minnesota.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
MINNEAPOLIS, MN 55424

SBA Loan Lender

THE BANK OF ELK RIVER
630 MAIN ST
ELK RIVER, MN 55330

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

6/27/2007

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 36 new jobs and retain 2 existing jobs.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money to grow a business, an SBA loan can be a great source of funding.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer 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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