First State Bank Of St. Joseph Gives Business Loan to Beauty Salons Company

Small business loans in Minnesota are tough to come by these days. We take a look at one Minnesota small business loan, provided by a Minnesota bank, that was approved by the SBA.

This business, based in St. Cloud, 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 State Bank Of St. Joseph. We've got the inside scoop on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
ST. CLOUD, MN 56301

SBA Loan Lender

FIRST STATE BANK OF ST. JOSEPH
400 4TH AVE NE
SAINT JOSEPH, MN 56374

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

7/14/2003

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 only one employee. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First State Bank Of St. Joseph 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.

Related Links:

Accountant's Role in Securing Financing

Where to Get an SBA Loan in Saint Joseph, Minnesota

Minnesota SBA Banks