Entrepreneur Works With Shorewood, Minnesota Bank to Get an SBA Loan

Thinking about meeting with a Shorewood, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Shorewood bank, that was approved by the SBA.

Applying for an SBA loan with Beacon Bank worked out well for our friends at one local company in Minnetonka, Minnesota. They received an SBA loan for $85,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD COOKING EQUIPMENT
MINNETONKA, MN 55343

SBA Loan Lender

BEACON BANK
19765 HWY 7
SHOREWOOD, MN 55331

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3631 - Household Cooking Equipment

NAICS Code

335221 - Household Cooking Appliance Manufacturing

Loan Approval Date

2/25/2002

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

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 5 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Beacon Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Incubators

Good Banks for Small Business in Shorewood, Minnesota

SBA Lenders in Minnesota