St. Louis Park, Minnesota Business Gets SBA-Guaranteed Funding from Highland Bank

An SBA loan from Highland Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a St. Louis Park, Minnesota business owner got a $15,000 loan.

This growing company knew how to go about getting a business bank loan. Based in St. Louis Park, Minnesota, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was Highland Bank, based in Saint Michael, Minnesota.

SBA Loan Borrower

COMPANY TYPE: INTERIOR DESIGN SERVICES
ST. LOUIS PARK, MN 55416

SBA Loan Lender

HIGHLAND BANK
701 CENTRAL AVE EAST
SAINT MICHAEL, MN 55376

This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

541410 - Interior Design Services

Loan Approval Date

11/20/2006

Loan Approval Gross Amount

$15,000

Loan Approval from the SBA

Of the total $15,000 loan amount, the SBA guaranteed $7,500.

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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you 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 Highland 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 From a Venture Capitalist

SBA Banks in Saint Michael, Minnesota

Minnesota SBA Bank Lenders