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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Monticello, Business Loans > First Minnesota Bank Monticello Business Loans > Household Appliance Stores Loan | ||||
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Minnesota SBA Lenders
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Monticello, Minnesota Bank Gives SBA Loan to Household Appliance Stores CompanyA Monticello, Minnesota SBA loan can be yours. Learn how one firm got a $119,000 business loan from this Minnesota bank. This loan to an entrepreneur is a good example of an SBA loan. First Minnesota Bank made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: HOUSEHOLD APPLIANCE STORES SBA Loan Lender FIRST MINNESOTA BANK This lender issued this particular bank loan 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 5722 - Household Appliance Stores NAICS Code 443111 - Household Appliance Stores Loan Approval Date 5/10/2002 Loan Approval Gross Amount $119,000 Loan Approval from the SBA Of the total $119,000 loan amount, the SBA guaranteed $101,150. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. The loan application did not indicate that the small business planned 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 wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great way to raise money The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Minnesota Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Minnesota Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Who Lends Money to Small Businesses in Monticello, Minnesota
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