Entrepreneur Works With Norwood Young America, Minnesota Bank to Get an SBA Loan

Want to talk with a Norwood Young America, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Norwood Young America bank, that was approved by the SBA.

Applying for an SBA loan with Kleinbank worked out well for our friends at one local company in Waseca, Minnesota. The business was able to get an SBA loan for $676,800. Nice!

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
WASECA, MN 56093

SBA Loan Lender

KLEINBANK
800 FAXON RD
NORWOOD YOUNG AMERICA, MN 55368

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

6/26/2003

Loan Approval Gross Amount

$676,800

Loan Approval from the SBA

Of the total $676,800 loan amount, the SBA guaranteed $507,600.

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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $676,800 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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