Raising Money for Household Appliance Stores

Looking for bank loans for household appliance stores? Try the SBA. This $192,900 household appliance stores loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Monticello, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was First Minnesota Bank, based in Monticello, Minnesota.

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD APPLIANCE STORES
MONTICELLO, MN 55362

SBA Loan Lender

FIRST MINNESOTA BANK
106 E FOURTH ST
MONTICELLO, MN 55362

This loan for a small business 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

443111 - Household Appliance Stores

Loan Approval Date

2/12/2004

Loan Approval Gross Amount

$192,900

Loan Approval from the SBA

Of the total $192,900 loan amount, the SBA guaranteed $144,675.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 13 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels 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.

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

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