Wayzata, Minnesota Entrepreneur Gets an SBA Loan

Business loans in Minnesota are are few and far betweeen these days. We take a look at one Minnesota business loan, provided by a Minnesota bank, that was approved by the SBA.

You can learn something about getting a small business loan in Wayzata, Minnesota by studying this loan to a local business, made back in 2004. Banks like Bnc National Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL AND COMMERCIAL AUTOMATIC ENVIRONMENTAL CONTROL MANUFACTURING
WAYZATA, MN 55391

SBA Loan Lender

BNC NATIONAL BANK
333 S SEVENTH ST, STE 200
MINNEAPOLIS, MN 55402

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.

NAICS Code

334512 - Residential and Commercial Automatic Environmental Control Manufacturing

Loan Approval Date

6/15/2004

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

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 small business planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you want money for new small business in Wayzata MN, you ought to talk with a local Wayzata SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Wayzata businesses.

While you may be able to borrow money from friends and family, 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.

Related Links:

Accountant's Role in Securing Financing

SBA Banks in Minneapolis, Minnesota

SBA Participating Banks in Minnesota