Minneapolis, Minnesota Business Gets SBA-Guaranteed Funding from Peoples Bank Of Commerce
Peoples Bank Of Commerce 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 firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Peoples Bank Of Commerce, operating out of Saint Paul, Minnesota. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: OFFICE EQUIPMENT MERCHANT WHOLESALERS
MINNEAPOLIS, MN 55413
SBA Loan Lender
PEOPLES BANK OF COMMERCE
43 E KELLOGG BLVD
SAINT PAUL, MN 55101
This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
423420 - Office Equipment Merchant Wholesalers
Loan Approval Date
5/23/2005
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $42,500.
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 only one employee. The SBA loan documents 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?
Every year, the SBA guarantees over $10 billion for loans just like this one.
We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.
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:
Small Business Credit Cards
Best Banks for Small Business in Saint Paul, Minnesota
Minnesota SBA 7A Lenders