Cold Spring, Minnesota Lender Lends Money to Radio, Television, And Electronics Stores Company

Get to know Cold Spring, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. 1st National Bank - Cold Spring is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in St. Cloud, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from 1st National Bank - Cold Spring. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: RADIO, TELEVISION, AND ELECTRONICS STORES
ST. CLOUD, MN 56301

SBA Loan Lender

1ST NATIONAL BANK - COLD SPRING
301 MAIN ST
COLD SPRING, MN 56320

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

443112 - Radio, Television, and Electronics Stores

Loan Approval Date

10/20/2003

Loan Approval Gross Amount

$202,560

Loan Approval from the SBA

Of the total $202,560 loan amount, the SBA guaranteed $101,280.

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 funding would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into 1st National Bank - Cold Spring and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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