Firm Gets a Minnesota SBA Loan

Searching for a Minnesota small business loan? This Minnesota entrepreneur got a small business loan, provided by a Minnesota bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Minneapolis, Minnesota by studying this loan to a local company, made back in 2004. Banks like First Minnesota Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MINNEAPOLIS, MN 55408

SBA Loan Lender

FIRST MINNESOTA BANK
4625 COUNTY RD 101
MINNETONKA, MN 55345

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/26/2004

Loan Approval Gross Amount

$146,200

Loan Approval from the SBA

Of the total $146,200 loan amount, the SBA guaranteed $124,270.

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 6 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from First Minnesota Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Advice on Getting a Small Business Loan

Who Lends Money to Small Businesses in Minnetonka, Minnesota

Minnesota SBA Bank Lenders