Mounds View, Minnesota Business Gets SBA-Guaranteed Funding from Boundary Waters Bank

An SBA loan from Boundary Waters Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mounds View, Minnesota business owner got a $65,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mounds View, Minnesota was able to borrow $65,000 from Boundary Waters Bank. The SBA made the loan possible by guaranteeing $55,250 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: LAWN AND GARDEN SERVICES
MOUNDS VIEW, MN 55112

SBA Loan Lender

BOUNDARY WATERS BANK
11800 ABERDEEN ST, STE 120
BLAINE, MN 55449

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

0782 - Lawn and Garden Services

NAICS Code

561730 - Landscaping Services

Loan Approval Date

6/20/2001

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

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 13 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

The Friends and Family Network

SBA 7A Banks for Blaine, Minnesota Loans

Getting an SBA Loan in Minnesota