Boundary Waters Bank SBA Loan to Men's And Boys' Clothing Company

Searching for a Minnesota business loan? Here's one Minnesota business loan that was approved by the SBA.

This local small business knew how to go about getting a business bank loan. Based in Two Harbors, Minnesota, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Boundary Waters Bank, based in Ely, Minnesota.

SBA Loan Borrower

COMPANY TYPE: MEN'S AND BOYS' CLOTHING
TWO HARBORS, MN 55616

SBA Loan Lender

BOUNDARY WATERS BANK
601 E SHERIDAN ST
ELY, MN 55731

This small 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

2329 - Men's and Boys' Clothing

Loan Approval Date

1/20/2000

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $90,000.

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 only one employee. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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