Merchants Bank SBA Loan to Jewelry Stores Company
Merchants Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Winona, Minnesota was able to borrow $355,000 from Merchants Bank. The SBA made the loan possible by guaranteeing $266,250 of this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: JEWELRY STORES
Winona, MN 55987
SBA Loan Lender
MERCHANTS BANK
102 E THIRD ST
WINONA, MN 55987
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
448310 - Jewelry Stores
Loan Approval Date
1/11/2008
Loan Approval Gross Amount
$355,000
Loan Approval from the SBA
Of the total $355,000 loan amount, the SBA guaranteed $266,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 5 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 5 existing jobs.
Start the Process for Getting an SBA Loan Today!
If you need money to start a small business or need money to grow a business, an SBA loan can be a great way to raise money
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Merchants Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Merchants Bank 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:
Bank Credit Lines
SBA 7A Banks in Winona, Minnesota
Minnesota SBA 7A Banks