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December 22, 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 > Women's And Children's Clothing Loan | ||||
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Rogers, Minnesota SBA 7A Banks
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Rogers, Minnesota Bank Lends Money to Women's And Children's Clothing Company in Rogers, MinnesotaA Rogers, Minnesota business loan can be yours. Learn how a company got a $70,000 business loan from this Minnesota bank. This loan to a local firm is a good example of an SBA loan. 1st National Bank - Elk River made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: WOMEN'S AND CHILDREN'S CLOTHING SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER 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 5137 - Women's and Children's Clothing NAICS Code 422330 - Women's, Children's, and Infants' Clothing and Accessories Wholesalers Loan Approval Date 8/17/2001 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $59,500. 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 25 employees. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: The Friends and Family Network Good Banks for Small Business in Rogers, Minnesota Find an SBA Lender in Minnesota
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