Growing Company Gets a Minnesota Small Business Loan

Looking to get a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in New York Mills, Minnesota by studying this loan to a local company, made back in 2001. Banks like 1st National Bank - Henning may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER PROGRAMMING SERVICES
NEW YORK MILLS, MN 56567

SBA Loan Lender

1ST NATIONAL BANK - HENNING
239 MN HWY 78N
OTTERTAIL, MN 56571

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7371 - Computer Programming Services

NAICS Code

541511 - Custom Computer Programming Services

Loan Approval Date

6/8/2001

Loan Approval Gross Amount

$54,300

Loan Approval from the SBA

Of the total $54,300 loan amount, the SBA guaranteed $46,155.

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 only one employee. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $54,300 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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