Lake Region Bank SBA Loan to Construction Materials Company

Looking to get a Minnesota business loan? Here's one Minnesota business loan that was approved by the SBA.

This local small business knew how to go about getting a business bank loan. Based in Shorewood, Minnesota, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Lake Region Bank, based in Willmar, Minnesota.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION MATERIALS
SHOREWOOD, MN 55331

SBA Loan Lender

LAKE REGION BANK
1690 1ST ST SOUTH
WILLMAR, MN 56201

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

5039 - Construction Materials

Loan Approval Date

1/27/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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