Business Loan from First State Bank Of St. Joseph Given to Eating Places Company

An SBA loan from First State Bank Of St. Joseph typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Saint Cloud, Minnesota business owner got a $65,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Saint Cloud, Minnesota was able to borrow $65,000 from First State Bank Of St. Joseph. The SBA made the loan possible by guaranteeing $55,250 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SAINT CLOUD, MN 56301

SBA Loan Lender

FIRST STATE BANK OF ST. JOSEPH
400 4TH AVE NE
SAINT JOSEPH, MN 56374

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

5/22/2001

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 7 employees. The loan application did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from First State Bank Of St. Joseph so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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

Where to Get an SBA Loan in Saint Joseph, Minnesota

SBA Participating Banks in Minnesota