1st National Bank - Elk River Gives Bank Loan to Personal And Household Goods Repair And Maintenance Company

Small business loans in Minnesota are hard to find these days. We take a look at one Minnesota small business loan, provided by a Minnesota bank, that was approved by the SBA.

This small business, based in Princeton, 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 1st National Bank - Elk River. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL AND HOUSEHOLD GOODS REPAIR AND MAINTENANCE
PRINCETON, MN 55371

SBA Loan Lender

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

This lender processed this debt financing under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811490 - Personal and Household Goods Repair and Maintenance

Loan Approval Date

5/2/2003

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

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 only one employee. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 8 existing jobs.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to 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.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

The Friends and Family Network

SBA Approved Banks in Elk River, Minnesota

Browse All Business Loan Sources for Minnesota