Firm Gets a Minnesota Business Loan

MinnesotaSmall business loans are available to Minnesota small business owners through the SBA. In this case, a Minnesota bank provides the loan.

This small business, based in Park Rapids, 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 Cit. National Bank - Pk Rapids. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PREFABRICATED WOOD BUILDINGS AND COMPONENTS
PARK RAPIDS, MN 56470

SBA Loan Lender

CIT. NATIONAL BANK - PK RAPIDS
300 W 1ST ST
PARK RAPIDS, MN 56470

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

2452 - Prefabricated Wood Buildings and Components

NAICS Code

321992 - Prefabricated Wood Building Manufacturing

Loan Approval Date

1/27/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you have been wondering how do i get money to start a business in Park Rapids MN, you ought to talk with a local Park Rapids SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Park Rapids businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Cit. National Bank - Pk Rapids are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Business Cash Advances

SBA Participating Banks in Park Rapids, Minnesota

SBA Lenders in Minnesota