Prime Security Bank Gives Business Loan to Concrete Work Company

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

Getting a small business loan in Newfolden, Minnesota was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Prime Security Bank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: CONCRETE WORK
NEWFOLDEN, MN 56738

SBA Loan Lender

PRIME SECURITY BANK
201 S MAIN ST
KARLSTAD, MN 56732

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1771 - Concrete Work

NAICS Code

235420 - Drywall, Plastering, Acoustical, and Insulation Contractors

Loan Approval Date

7/10/2003

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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