Firm Gets a Minnesota Bank Loan

Would a Minnesota small business loan help your small business to grow and prosper? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs.

You can learn something about getting a small business loan in Winona, Minnesota by studying this loan to a local company, made back in 2004. Banks like Merchants Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: FLOOR LAYING AND OTHER FLOOR WORK
WINONA, MN 55987

SBA Loan Lender

MERCHANTS BANK
102 E THIRD ST
WINONA, MN 55987

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1752 - Floor Laying and Other Floor Work

NAICS Code

238330 - Flooring Contractors

Loan Approval Date

2/25/2004

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to hire new 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.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Merchants Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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