First National Bank Gives SBA Loan to Testing Laboratories Company

Would a Minnesota small business loan help your small business to grow and prosper? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs.

Getting a small business loan in Mt. Iron, Minnesota was a top priority for this small company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from First National Bank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: TESTING LABORATORIES
MT. IRON, MN 55768

SBA Loan Lender

FIRST NATIONAL BANK
31 CENTRAL ST EAST
BAGLEY, MN 56621

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.

NAICS Code

541380 - Testing Laboratories

Loan Approval Date

1/25/2005

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

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 5 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National 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.

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