Cincinnati, Ohio Bank Lends Money to Used Merchandise Stores Company in St. Michael, Minnesota

Want to talk with a Cincinnati, Ohio bank about a business loan? Here's one Minnesota business loan, issued by a Cincinnati bank, that was approved by the SBA.

Applying for an SBA loan with U.S. Bank National Association worked out well for our friends at one local firm in St. Michael, Minnesota. They got an SBA loan for $873,800. Sweet!

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
ST. MICHAEL, MN 55376

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

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

453310 - Used Merchandise Stores

Loan Approval Date

6/2/2004

Loan Approval Gross Amount

$873,800

Loan Approval from the SBA

Of the total $873,800 loan amount, the SBA guaranteed $655,350.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents indicated that the loan would help retain 6 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 U.S. Bank National Association 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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