SBA Loan from Home Federal Savings Bank Helps Mortgage And Nonmortgage Loan Brokers Company

Home Federal Savings Bank has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

Getting a small business loan in St. Cloud, Minnesota was an essential business goal for this firm back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Home Federal Savings Bank, operating out of Rochester, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MORTGAGE AND NONMORTGAGE LOAN BROKERS
ST. CLOUD, MN 56301

SBA Loan Lender

HOME FEDERAL SAVINGS BANK
1016 CIVIC CENTER DR
ROCHESTER, MN 55901

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

522310 - Mortgage and Nonmortgage Loan Brokers

Loan Approval Date

12/12/2006

Loan Approval Gross Amount

$66,000

Loan Approval from the SBA

Of the total $66,000 loan amount, the SBA guaranteed $56,100.

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 loan application indicated that the loan would help retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you are raising money in St. Cloud MN, you ought to talk with a local St. Cloud SBA lender or talk with an out-of-area SBA lender that has previously loaned money to St. Cloud businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Home Federal Savings 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.

Related Links:

Obtaining Funding - Friends and Family

SBA Approved Banks in Rochester, Minnesota

Minnesota SBA 7A Lenders