Growing Company Gets a Minnesota Business Loan

Bank loans in Minnesota are are few and far betweeen these days. We take a look at one Minnesota bank loan, provided by a Minnesota bank, that was approved by the SBA.

This business, based in Northfield, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Community Resource Bank. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: OFFICE SUPPLIES AND STATIONERY
NORTHFIELD, MN 55057

SBA Loan Lender

COMMUNITY RESOURCE BANK
1605 HERITAGE DR
NORTHFIELD, MN 55057

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453210 - Office Supplies and Stationery

Loan Approval Date

11/29/2007

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 a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had no employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 3 new jobs.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Northfield MN, you ought to talk with a local Northfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Northfield businesses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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