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November 21, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Drake Bank Saint Paul Business Loans > Coin-Operated Laundries And Drycleaners Loan | ||||
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Drake Bank
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Drake Bank SBA Loan to Coin-Operated Laundries And Drycleaners CompanyAn SBA loan from Drake Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Moundview, Minnesota business owner got a $424,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Drake Bank, out of Saint Paul, Minnesota. The loan was granted and they received $424,000 to help grow their Moundview, Minnesota business. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS SBA Loan Lender DRAKE BANK This lender issued this loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 11/1/2002 Loan Approval Gross Amount $424,000 Loan Approval from the SBA Of the total $424,000 loan amount, the SBA guaranteed $318,000. 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 7 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to add 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. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $424,000 loan. Remember, feel the fear, and do it anyway. 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: Small Bank Loans in Saint Paul, Minnesota
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