Entrepreneur Works With Winona, Minnesota Bank to Get an SBA Loan

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

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

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
WINONA, MN 55987

SBA Loan Lender

MERCHANTS BANK
102 E THIRD ST
WINONA, MN 55987

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

8/21/2006

Loan Approval Gross Amount

$181,800

Loan Approval from the SBA

Of the total $181,800 loan amount, the SBA guaranteed $136,350.

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 no employees. The SBA loan documents indicated that the loan would help generate 7 new jobs and retain 7 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you are working on finding money to start a business in Winona MN, you ought to talk with a local Winona SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Winona businesses.

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.

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