Business Loan from Premier Bank Rochester Given to Clothing Accessories Stores Company

An SBA loan from Premier Bank Rochester typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Rochester, Minnesota business owner got a $40,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Premier Bank Rochester, out of Rochester, Minnesota. The loan was granted and they received $40,000 to help grow their Rochester, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: CLOTHING ACCESSORIES STORES
ROCHESTER, MN 55902

SBA Loan Lender

PREMIER BANK ROCHESTER
421 1ST AVE SW
ROCHESTER, MN 55902

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

448150 - Clothing Accessories Stores

Loan Approval Date

8/3/2007

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help generate 3 new jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Premier Bank Rochester had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Premier Bank Rochester made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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