SBA Loan from Minnwest Bank South Helps Grain And Field Beans Company

An SBA loan from Minnwest Bank South typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Tracy, Minnesota business owner got a $550,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Tracy, Minnesota, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Minnwest Bank South, based in Tracy, Minnesota.

SBA Loan Borrower

COMPANY TYPE: GRAIN AND FIELD BEANS
TRACY, MN 56175

SBA Loan Lender

MINNWEST BANK SOUTH
250 3RD ST
TRACY, MN 56175

This SBA business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5153 - Grain and Field Beans

NAICS Code

422510 - Grain and Field Bean Wholesalers

Loan Approval Date

1/7/2000

Loan Approval Gross Amount

$550,000

Loan Approval from the SBA

Of the total $550,000 loan amount, the SBA guaranteed $412,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 employees. The SBA loan documents did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

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 Minnwest Bank South 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.

Related Links:

Attracting Investors

SBA Participating Banks in Tracy, Minnesota

Getting an SBA Loan in Minnesota