Anchor Bank SBA Loan to Furniture Merchant Wholesalers Company

An SBA loan from Anchor Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Stillwater, Minnesota business owner got a $100,000 loan.

This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Anchor Bank, out of Wayzata, Minnesota. The loan was granted and they received $100,000 to help grow their Stillwater, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FURNITURE MERCHANT WHOLESALERS
STILLWATER, MN 55082

SBA Loan Lender

ANCHOR BANK
1055 E WAYZATA BLVD EAST
WAYZATA, MN 55391

This lender processed this SBA 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

423210 - Furniture Merchant Wholesalers

Loan Approval Date

5/22/2006

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

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 8 employees. The SBA loan application for the borrower indicated that the loan would help retain 8 existing jobs.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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 Anchor 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.

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