Loan Census Banking News and Information
November 14, 2024  
 
 
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Minneapolis, Minnesota SBA Banks

 

 
Loan Census SBA Loan Info

Minneapolis, Minnesota Bank Gives SBA Loan to Retail Bakeries Company

Want to talk with a Minneapolis, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Minneapolis bank, that was approved by the SBA.

Applying for an SBA loan with First National Bank - Lakes worked out well for our friends at one local company in Minneapolis, Minnesota. They got an SBA loan for $55,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: RETAIL BAKERIES
MINNEAPOLIS, MN 55403

SBA Loan Lender

FIRST NATIONAL BANK - LAKES
3100 HENNEPIN AVE SOUTH
MINNEAPOLIS, MN 55408

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5461 - Retail Bakeries

NAICS Code

445291 - Baked Goods Stores

Loan Approval Date

2/12/2001

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $46,750.

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 3 employees. The loan application 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?

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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:

Determining Proper Capital Structure for a Business

SBA 7A Lenders in Minneapolis, Minnesota

SBA Lenders in Minnesota