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May 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Apple Valley, Business Loans > Merchants Bank Apple Valley Business Loans > Sporting And Athletic Goods Loan | ||||
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Apple Valley Lenders
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Entrepreneur Works With Apple Valley, Minnesota Bank to Get an SBA LoanGet SBA loans from an Apple Valley, Minnesota bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too. Merchants Bank is a Apple Valley, Minnesota small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Minnesota company. SBA Loan Borrower COMPANY TYPE: SPORTING AND ATHLETIC GOODS SBA Loan Lender MERCHANTS BANK This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3949 - Sporting and Athletic Goods NAICS Code 339920 - Sporting and Athletic Goods Manufacturing Loan Approval Date 3/1/2000 Loan Approval Gross Amount $80,000 Loan Approval from the SBA Of the total $80,000 loan amount, the SBA guaranteed $64,000. 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 2 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. 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 Merchants Bank 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. Related Links: How Much Venture Capital Is There? SBA 7A Banks in Apple Valley, Minnesota
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