SBA Loans for Services for the Elderly and Persons with Disabilities

Looking for SBA loans for services for the elderly and persons with disabilities? The SBA may be the answer. This $497,700 services for the elderly and persons with disabilities loan was issued by a Minnesota bank.

Getting a small business loan in Savage, Minnesota was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Stearns Bank, operating out of Saint Cloud, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SERVICES FOR THE ELDERLY AND PERSONS WITH DISABILITIES
SAVAGE, MN 55378

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624120 - Services for the Elderly and Persons with Disabilities

Loan Approval Date

10/20/2003

Loan Approval Gross Amount

$497,700

Loan Approval from the SBA

Of the total $497,700 loan amount, the SBA guaranteed $373,275.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 10 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great way to raise money

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 Stearns 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:

Equity Financing

Who Lends Money to Small Businesses in Saint Cloud, Minnesota

Getting an SBA Loan in Minnesota