Minneapolis, Minnesota Bank Lends Money to Physical Fitness Facilities Company in Saint Paul, Minnesota

Get business loans from a Minneapolis, Minnesota bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

Eastbank is a Minneapolis, Minnesota small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Minnesota company.

SBA Loan Borrower

COMPANY TYPE: PHYSICAL FITNESS FACILITIES
SAINT PAUL, MN 55105

SBA Loan Lender

EASTBANK
1413 FOURTH ST SE
MINNEAPOLIS, MN 55419

This lender issued this SBA bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7991 - Physical Fitness Facilities

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

12/22/2000

Loan Approval Gross Amount

$66,040

Loan Approval from the SBA

Of the total $66,040 loan amount, the SBA guaranteed $52,832.

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 only one employee. The SBA loan documents did not indicate that the small business promised 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?

Although it's called an SBA loan, 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 an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Eastbank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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