Loans for Soybean Farming

With these loans for soybean farming, the SBA guarantees the lender that the loan will be repaid. This soybean farming loan for $38,000 was given to a Minnesota entrepreneur in 2004.

Getting a small business loan in Welcome, Minnesota was important for this growing firm 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 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

111110 - Soybean Farming

Loan Approval Date

8/26/2004

Loan Approval Gross Amount

$38,000

Loan Approval from the SBA

Of the total $38,000 loan amount, the SBA guaranteed $32,300.

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 2 employees. The SBA loan documents did not indicate that the company promised to use the money 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $38,000 loan. Remember, if it to be, it is up to me!

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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