General Freight Trucking, Local Commercial Loans

Looking for commercial loans for general freight trucking, local? Try the SBA. This $78,200 general freight trucking, local loan was issued by a Minnesota bank.

This small business knew how to go about getting a business bank loan. Based in Storden, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Farmers & Merchants St. Bank - S, based in Springfield, Minnesota.

SBA Loan Borrower

COMPANY TYPE: TRUCKING
STORDEN, MN 56174

SBA Loan Lender

FARMERS & MERCHANTS ST. BANK - S
101 N MARSHALL
SPRINGFIELD, MN 56087

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4213 - Trucking

NAICS Code

484110 - General Freight Trucking, Local

Loan Approval Date

8/21/2001

Loan Approval Gross Amount

$78,200

Loan Approval from the SBA

Of the total $78,200 loan amount, the SBA guaranteed $66,470.

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 only one employee. The loan application did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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 Farmers & Merchants St. Bank - S 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.

Related Links:

Obtaining Funding - How to Decide How Much to Raise

Where to Get an SBA Loan in Springfield, Minnesota

Minnesota SBA Banks