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November 21, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Rogers, Business Loans > 1st National Bank - Elk River Rogers Business Loans > Metal Stampings Loan | ||||
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SBA 7A Banks for Small Business Owners in Minnesota
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Firm Gets a Minnesota SBA LoanWant a Minnesota small business loan? This Minnesota entrepreneur got a small business loan, provided by a Minnesota bank that works with the SBA to help small business owners. Getting a small business loan in Rogers, Minnesota was a top priority for this small company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank - Elk River. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: METAL STAMPINGS SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3469 - Metal Stampings NAICS Code 332212 - Hand and Edge Tool Manufacturing Loan Approval Date 5/21/2001 Loan Approval Gross Amount $400,000 Loan Approval from the SBA Of the total $400,000 loan amount, the SBA guaranteed $300,000. 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 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Remember, you 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st National Bank - Elk River had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank - Elk River 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. Related Links: SBA 7A Lenders in Rogers, Minnesota
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