New London, Minnesota Bank Lends Money to Dance Companies Company in Willmar, Minnesota

Get to know New London, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. Lake Region Bank is one such bank, as evidenced by this SBA loan to a growing company.

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

SBA Loan Borrower

COMPANY TYPE: DANCE COMPANIES
WILLMAR, MN 56201

SBA Loan Lender

LAKE REGION BANK
51 MAIN ST
NEW LONDON, MN 56273

This lender processed this SBA small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

711120 - Dance Companies

Loan Approval Date

5/22/2007

Loan Approval Gross Amount

$44,000

Loan Approval from the SBA

Of the total $44,000 loan amount, the SBA guaranteed $22,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 employees. This SBA loan request indicated that the loan would help retain 9 existing jobs.

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Lake Region Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Lake Region Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Small Business Loan

Who Lends Money to Small Businesses in New London, Minnesota

SBA Lenders in Minnesota