SBA Loan from Peoples Bank Of Commerce Helps Coin-Operated Laundries And Drycleaners Company

An SBA loan from Peoples Bank Of Commerce typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a St. Paul, Minnesota business owner got a $180,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in St. Paul, Minnesota was able to borrow $180,000 from Peoples Bank Of Commerce. The SBA made the loan possible by guaranteeing $135,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
ST. PAUL, MN 55103

SBA Loan Lender

PEOPLES BANK OF COMMERCE
234 E 1ST AVE
CAMBRIDGE, MN 55008

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

6/8/2007

Loan Approval Gross Amount

$180,000

Loan Approval from the SBA

Of the total $180,000 loan amount, the SBA guaranteed $135,000.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Peoples Bank Of Commerce had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Peoples Bank Of Commerce made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

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SBA Participating Banks in Cambridge, Minnesota

Getting an SBA Loan in Minnesota