Business Loan from Great Northern Bank Given to Electrical Work Company

An SBA loan from Great Northern Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Monticello, Minnesota business owner got a $72,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Monticello, Minnesota, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Great Northern Bank, based in Saint Michael, Minnesota.

SBA Loan Borrower

COMPANY TYPE: ELECTRICAL WORK
MONTICELLO, MN 55362

SBA Loan Lender

GREAT NORTHERN BANK
12725 43RD ST NE
SAINT MICHAEL, MN 55376

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1731 - Electrical Work

NAICS Code

235310 - Electrical Contractors

Loan Approval Date

7/2/2002

Loan Approval Gross Amount

$72,000

Loan Approval from the SBA

Of the total $72,000 loan amount, the SBA guaranteed $61,200.

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 7 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Great Northern 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:

Financing Your Business

Where to Get an SBA Loan in Saint Michael, Minnesota

SBA Minnesota Lenders