Welcome, Minnesota Bank Gives SBA Loan to Farm Supplies Company

Find Welcome, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. Welcome State Bank is one such bank, as evidenced by this SBA loan to one business.

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

SBA Loan Borrower

COMPANY TYPE: FARM SUPPLIES
WELCOME, MN 56181

SBA Loan Lender

WELCOME STATE BANK
111 GUIDE ST NORTH
WELCOME, MN 56181

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.

SIC Code

5191 - Farm Supplies

NAICS Code

422910 - Farm Supplies Wholesalers

Loan Approval Date

4/5/2001

Loan Approval Gross Amount

$68,625

Loan Approval from the SBA

Of the total $68,625 loan amount, the SBA guaranteed $58,331.

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 2 employees. The loan application did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

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

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.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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