How to Get a Loan for Child Day Care Services
With these commercial loans for child day care services, the SBA guarantees the lender that the loan will be repaid. This child day care services loan for $150,000 was given to a Minnesota entrepreneur in 2003.
This small business knew how to go about getting a business bank loan. Based in Renvill, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was American Bank Of St. Paul, based in Olivia, Minnesota.
SBA Loan Borrower
COMPANY TYPE: CHILD DAY CARE SERVICES
RENVILL, MN 56284
SBA Loan Lender
AMERICAN BANK OF ST. PAUL
815 E DEPUE
OLIVIA, MN 56277
The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to to entrepreneurs who might have trouble getting a conventional bank loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
624410 - Child Day Care Services
Loan Approval Date
8/19/2003
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 17 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $150,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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 Incubators
SBA 7A Banks in Olivia, Minnesota
Where to Get an SBA Loan Minnesota