Welcome State Bank SBA Loan to Soybean Farming Company

Welcome State Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Welcome, Minnesota was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Welcome State Bank, operating out of Welcome, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SOYBEAN FARMING
WELCOME, MN 56181

SBA Loan Lender

WELCOME STATE BANK
111 GUIDE ST NORTH
WELCOME, MN 56181

This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

111110 - Soybean Farming

Loan Approval Date

4/6/2004

Loan Approval Gross Amount

$53,000

Loan Approval from the SBA

Of the total $53,000 loan amount, the SBA guaranteed $45,050.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your 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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Bank Credit Lines

SBA Participating Banks in Welcome, Minnesota

Browse All Business Loan Sources for Minnesota