Household Appliance Stores Commercial Loans

With these commercial loans for household appliance stores, the SBA guarantees the lender that the loan will be repaid. This household appliance stores loan for $62,000 was given to a Minnesota entrepreneur in 2004.

This small business knew how to go about getting a business bank loan. Based in New Ulm, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was United Prairie Bank, based in New Ulm, Minnesota.

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD APPLIANCE STORES
NEW ULM, MN 56073

SBA Loan Lender

UNITED PRAIRIE BANK
200 N BROADWAY
NEW ULM, MN 56073

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

443111 - Household Appliance Stores

Loan Approval Date

5/19/2004

Loan Approval Gross Amount

$62,000

Loan Approval from the SBA

Of the total $62,000 loan amount, the SBA guaranteed $52,700.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in New Ulm or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

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Best New Ulm, Minnesota Banks for Small Business

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