First Independent Bank Gives SBA Loan to Drinking Places Company

Looking to get a Minnesota SBA loan? This Minnesota entrepreneur got an SBA loan, provided by a Minnesota bank that works with the SBA to help small business owners.

This small business, based in Slayton, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Independent Bank. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
SLAYTON, MN 56152

SBA Loan Lender

FIRST INDEPENDENT BANK
108 THIRD ST
BALATON, MN 56115

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

10/4/2001

Loan Approval Gross Amount

$300,625

Loan Approval from the SBA

Of the total $300,625 loan amount, the SBA guaranteed $225,468.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 40 employees. The SBA loan documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Independent Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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