Growing Company Gets a Minnesota Business Loan
Want a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by an Ohio bank that works with the SBA to help small business owners.
By giving the right information to U.S. Bank National Association, this St Paul, Minnesota business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
ST PAUL, MN 55105
SBA Loan Lender
U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202
This commercial loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending track record and are well trained in SBA loan requirements.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
7/18/2002
Loan Approval Gross Amount
$1,333,300
Loan Approval from the SBA
Of the total $1,333,300 loan amount, the SBA guaranteed $999,975.
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 28 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient 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 loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like U.S. Bank National Association and they will explain how you can get an SBA loan for your company.
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:
Obtaining Funding - How to Borrow Money
SBA Approved Banks in Cincinnati, Ohio
Getting a Business Loan in Ohio