Worthington, Minnesota Business Gets SBA-Guaranteed Funding from First State Bank Southwest

First State Bank Southwest has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with First State Bank Southwest, out of Pipestone, Minnesota. The loan was granted and they received $32,000 to help grow their Worthington, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SALONS
WORTHINGTON, MN 56187

SBA Loan Lender

FIRST STATE BANK SOUTHWEST
202 2ND AVE SE
PIPESTONE, MN 56164

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

812112 - Beauty Salons

Loan Approval Date

10/11/2006

Loan Approval Gross Amount

$32,000

Loan Approval from the SBA

Of the total $32,000 loan amount, the SBA guaranteed $16,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 only one employee. This SBA loan request indicated that the borrowed money would help generate 1 new job.

Great, But How Can I Get an SBA Loan for My Business?

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First State Bank Southwest and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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