Nashwauk, Minnesota Bank Lends Money to Janitorial Services Company in Virginia, Minnesota

Get to know Nashwauk, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. American Bank Of The North is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Virginia, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from American Bank Of The North. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: JANITORIAL SERVICES
VIRGINIA, MN 55792

SBA Loan Lender

AMERICAN BANK OF THE NORTH
117 CENTRAL AVE
NASHWAUK, MN 55769

This lender processed this loan for a small business 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

561720 - Janitorial Services

Loan Approval Date

9/30/2003

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

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 41 employees. The SBA loan documents indicated that the loan would help generate 20 new jobs and retain 21 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like American Bank Of The North and they will explain how you can get an SBA loan for your company.

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:

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SBA Banks in Nashwauk, Minnesota

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