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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Eastbank Minneapolis Business Loans > Discount Department Stores Loan | ||||
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Getting a Commercial Loan from Eastbank
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Eastbank SBA Loan to Discount Department Stores CompanyAn SBA loan from Eastbank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a New Hope, Minnesota business owner got a $54,370 loan. This growing company knew how to go about getting a business bank loan. Based in New Hope, Minnesota, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Eastbank, based in Minneapolis, Minnesota. SBA Loan Borrower COMPANY TYPE: DISCOUNT DEPARTMENT STORES SBA Loan Lender EASTBANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 452112 - Discount Department Stores Loan Approval Date 10/29/2004 Loan Approval Gross Amount $54,370 Loan Approval from the SBA Of the total $54,370 loan amount, the SBA guaranteed $46,214. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans provide money to small business owners for working capital for other expenses. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Eastbank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Best Minneapolis, Minnesota Banks for Small Business Browse All Business Loan Sources for Minnesota
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