Diet and Weight Reducing Centers SBA Loans

With these SBA loans for diet and weight reducing centers, the SBA guarantees the lender that the loan will be repaid. This diet and weight reducing centers loan for $150,000 was given to a Minnesota entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Plymouth, Minnesota was able to borrow $150,000 from First Minnesota Bank. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
PLYMOUTH, MN 55441

SBA Loan Lender

FIRST MINNESOTA BANK
4625 COUNTY RD 101
MINNETONKA, MN 55345

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7299 - Personal Services

NAICS Code

812191 - Diet and Weight Reducing Centers

Loan Approval Date

2/2/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 7 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees.

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

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source

We can help you find the best banks for small businesses in Plymouth or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Getting a Small Business Loan

SBA 7A Lenders in Minnetonka, Minnesota

SBA Participating Banks in Minnesota