Worthington, Minnesota Entrepreneur Gets a Small Business Loan

SBA loans in Minnesota are are few and far betweeen these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA.

Getting a small business loan in Worthington, Minnesota was a top priority for this particular business back in 2007 and, based on their loan application, they were successful in getting an SBA loan from First State Bank Southwest. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: TORTILLA MANUFACTURING
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

311830 - Tortilla Manufacturing

Loan Approval Date

3/9/2007

Loan Approval Gross Amount

$73,000

Loan Approval from the SBA

Of the total $73,000 loan amount, the SBA guaranteed $36,500.

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 only one employee. The loan application indicated that the funding would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

If you have been wondering how do i get money to start a business in Worthington MN, you ought to talk with a local Worthington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Worthington businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $73,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Business Credit Evaluation

Where to Get an SBA Loan in Pipestone, Minnesota

Getting a Business Loan in Minnesota