SBA Loan from First Commercial Bank Helps Specialized Design Services Company

An SBA loan from First Commercial Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Minneapolis, Minnesota business owner got a $270,000 loan.

Getting a small business loan in Minneapolis, Minnesota was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from First Commercial Bank, operating out of Bloomington, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SPECIALIZED DESIGN SERVICES
MINNEAPOLIS, MN 55405

SBA Loan Lender

FIRST COMMERCIAL BANK
8500 NORMANDALE LAKE BLVD, ST
BLOOMINGTON, MN 55437

This commercial 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

541490 - Specialized Design Services

Loan Approval Date

3/10/2005

Loan Approval Gross Amount

$270,000

Loan Approval from the SBA

Of the total $270,000 loan amount, the SBA guaranteed $202,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in Minneapolis or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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