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December 22, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Pelican Rapids, Business Loans > Lake Country State Bank Pelican Rapids Business Loans > Floor Covering Stores Loan | ||||
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Pelican Rapids Lenders
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Pelican Rapids, Minnesota Bank Gives SBA Loan to Floor Covering Stores CompanyA Pelican Rapids, Minnesota small business loan can be yours. Learn how a business got a $70,000 business loan from this Minnesota bank. This loan to an entrepreneur is a good example of an SBA loan. Lake Country State Bank made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: FLOOR COVERING STORES SBA Loan Lender LAKE COUNTRY STATE BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5713 - Floor Covering Stores NAICS Code 442210 - Floor Covering Stores Loan Approval Date 6/28/2000 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $56,000. 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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Best Banks in Pelican Rapids, Minnesota
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