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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Men's Clothing Stores Loan | ||||
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Raising Money in St. Paul, Minnesota With SBA Loans
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Park Midway Bank Gives Bank Loan to Men's Clothing Stores CompanyWould a Minnesota small business loan help your small business to grow and prosper? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs. Getting a small business loan in St. Paul, Minnesota was a top priority for this small company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Park Midway Bank. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MEN'S CLOTHING STORES SBA Loan Lender PARK MIDWAY BANK 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 448110 - Men's Clothing Stores Loan Approval Date 4/12/2007 Loan Approval Gross Amount $255,000 Loan Approval from the SBA Of the total $255,000 loan amount, the SBA guaranteed $191,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 7 existing jobs. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $255,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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 Best Banks for Small Business in Saint Paul, Minnesota
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