Stearns Bank SBA Loan to Gasoline Service Stations Company

Looking to get a Minnesota small business loan? Here's one Minnesota business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mora, Minnesota was able to borrow $596,600 from Stearns Bank. The SBA made the loan possible by guaranteeing $447,450 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: GASOLINE SERVICE STATIONS
MORA, MN 55051

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5541 - Gasoline Service Stations

Loan Approval Date

6/19/2000

Loan Approval Gross Amount

$596,600

Loan Approval from the SBA

Of the total $596,600 loan amount, the SBA guaranteed $447,450.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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