Owatonna, Minnesota Entrepreneur Gets a Bank Loan

Would a Minnesota bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs.

Getting a small business loan in Owatonna, Minnesota was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from United Prairie Bank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: WOOD KITCHEN CABINET AND COUNTERTOP MANUFACTURING
OWATONNA, MN 55060

SBA Loan Lender

UNITED PRAIRIE BANK
110 W ROSE ST
OWATONNA, MN 55060

This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

337110 - Wood Kitchen Cabinet and Countertop Manufacturing

Loan Approval Date

7/27/2001

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 19 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide smart, affordable business financing for small businesses looking to expand.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into United Prairie Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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