Entrepreneur Works With New Ulm, Minnesota Bank to Get an SBA Loan
Get to know New Ulm, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. Alliance Bank is one such bank, as evidenced by this SBA loan to a growing company.
Finding a small business loan in New Ulm, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Alliance Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.
SBA Loan Borrower
COMPANY TYPE: RETAIL STORES
NEW ULM, MN 56073
SBA Loan Lender
ALLIANCE BANK
322 N MINNESOTA ST
NEW ULM, MN 56073
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
5999 - Retail Stores
NAICS Code
453998 - Store Retailers
Loan Approval Date
8/3/2001
Loan Approval Gross Amount
$70,000
Loan Approval from the SBA
Of the total $70,000 loan amount, the SBA guaranteed $59,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 6 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
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:
Raising VC Money for Social Networking Companies
SBA 7A Lenders in New Ulm, Minnesota
SBA Participating Banks in Minnesota