Growing Company Gets a Minnesota Small Business Loan

MinnesotaBank loans are available to Minnesota firms through the SBA. In this case, a Minnesota bank provides the loan.

Getting a small business loan in Princeton, Minnesota was a top priority for this loan applicant back in 2000 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank - Elk River. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
PRINCETON, MN 55371

SBA Loan Lender

1ST NATIONAL BANK - ELK RIVER
729 MAIN ST
ELK RIVER, MN 55330

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

5812 - Eating Places

Loan Approval Date

9/1/2000

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $60,000.

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 10 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $75,000 loan. Remember, if it to be, it is up to me!

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:

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SBA Banks in Elk River, Minnesota

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