Rochester, Minnesota Entrepreneur Gets an SBA Loan

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

You can learn something about getting a small business loan in Rochester, Minnesota by studying this loan to a local business, made back in 2003. Banks like Home Federal Savings Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
ROCHESTER, MN 55904

SBA Loan Lender

HOME FEDERAL SAVINGS BANK
1016 CIVIC CENTER DR
ROCHESTER, MN 55901

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

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

4/8/2003

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Rochester MN, you ought to talk with a local Rochester SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Rochester businesses.

This SBA loan was for $130,000. How would you spend $130,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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