Company Gets a Minnesota Small Business Loan

SBA loans in Minnesota are tough to come by these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA.

You can learn something about getting a small business loan in Worthington, Minnesota by studying this loan to a local business, made back in 2006. Banks like First State Bank Southwest may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: COSMETOLOGY AND BARBER SCHOOLS
WORTHINGTON, MN 56187

SBA Loan Lender

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

This small business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

611511 - Cosmetology and Barber Schools

Loan Approval Date

9/26/2006

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $12,500.

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 3 employees. The SBA loan application for the borrower indicated that the borrowed money would help create 3 new jobs.

Getting an SBA Loan For Your 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. First State Bank Southwest had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First State Bank Southwest 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:

Angel Investors

SBA Participating Banks in Pipestone, Minnesota

Where to Get an SBA Loan Minnesota