Family Clothing Stores Bank Loans

With these bank loans for family clothing stores, the SBA guarantees the lender that the loan will be repaid. This family clothing stores loan for $150,000 was given to a Minnesota entrepreneur in 2001.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Minneapolis, Minnesota was able to borrow $150,000 from Anchor Bank. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
MINNEAPOLIS, MN 55428

SBA Loan Lender

ANCHOR BANK
1055 E WAYZATA BLVD
WAYZATA, MN 55391

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

9/28/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 50 employees. The SBA loan documents did not indicate that the business promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Anchor Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Role of Business Plan When Raising Money

Good Banks for Small Business in Wayzata, Minnesota

Where to Get an SBA Loan Minnesota