Entrepreneur Works With Elk River, Minnesota Bank to Get an SBA Loan

Get to know Elk River, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. 1st National Bank - Elk River is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Saint Francis, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from 1st National Bank - Elk River. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: FAMILY CLOTHING STORES
SAINT FRANCIS, MN 55070

SBA Loan Lender

1ST NATIONAL BANK - ELK RIVER
729 MAIN ST
ELK RIVER, MN 55330

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

5651 - Family Clothing Stores

NAICS Code

448140 - Family Clothing Stores

Loan Approval Date

9/21/2001

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

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