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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Coin-Operated Laundries And Drycleaners Loan | ||||
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Raising Money in Richfield, Minnesota With SBA Loans
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Where to Get Capital for Coin-Operated Laundries and DrycleanersLooking for SBA loans for coin-operated laundries and drycleaners? Talk to a banker who works with the SBA. This $460,000 coin-operated laundries and drycleaners loan was issued by a Minnesota bank. This small business knew how to go about getting a business bank loan. Based in Richfield, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Park Midway Bank, based in Saint Paul, Minnesota. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS SBA Loan Lender PARK MIDWAY BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 7/11/2003 Loan Approval Gross Amount $460,000 Loan Approval from the SBA Of the total $460,000 loan amount, the SBA guaranteed $345,000. 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 2 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 2 existing jobs. Next Steps for Getting an SBA Loan SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Park Midway Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Accountant's Role in Securing Financing Small Business Banks in Saint Paul, Minnesota Getting a Business Loan in Minnesota
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