Getting an SBA Loan for Continuing Care Retirement Communities

With these commercial loans for continuing care retirement communities, the SBA guarantees the lender that the loan will be repaid. This continuing care retirement communities loan for $428,000 was given to a Minnesota entrepreneur in 2003.

This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Park Midway Bank, out of Saint Paul, Minnesota. The loan was granted and they received $428,000 to help grow their Saint Paul, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: CONTINUING CARE RETIREMENT COMMUNITIES
SAINT PAUL, MN 55108

SBA Loan Lender

PARK MIDWAY BANK
2300 COMO AVE
SAINT PAUL, MN 55108

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

623311 - Continuing Care Retirement Communities

Loan Approval Date

5/14/2003

Loan Approval Gross Amount

$428,000

Loan Approval from the SBA

Of the total $428,000 loan amount, the SBA guaranteed $321,000.

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 125 employees. The SBA loan documents did not indicate that the company 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?

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Park Midway Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Banking Deregulation's Effects on Entrepreneurship

SBA 7A Banks in Saint Paul, Minnesota

SBA Participating Banks in Minnesota