Business Loan from Prosperan Bank Given to Beauty Shops Company

Prosperan 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.

This small firm knew how to go about getting a business bank loan. Based in Woodbury, Minnesota, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was Prosperan Bank, based in Oakdale, Minnesota.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
WOODBURY, MN 55125

SBA Loan Lender

PROSPERAN BANK
990 HELENA AVE NORTH
OAKDALE, MN 55128

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

7231 - Beauty Shops

NAICS Code

611511 - Cosmetology and Barber Schools

Loan Approval Date

5/10/2002

Loan Approval Gross Amount

$61,500

Loan Approval from the SBA

Of the total $61,500 loan amount, the SBA guaranteed $52,275.

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 7 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

This SBA loan was for $61,500. How would you spend $61,500 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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

Best Banks in Oakdale, Minnesota

SBA Lenders in Minnesota