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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Battle Lake, Business Loans > 1st National Bank - Battle Lake Battle Lake Business Loans > General Automotive Repair Loan | ||||
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Minnesota Small Business SBA Loans
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Battle Lake, Minnesota Entrepreneur Gets an SBA LoanLooking to get a Minnesota small business loan? This Minnesota entrepreneur got a small business loan, provided by a Minnesota bank that works with the SBA to help small business owners. You can learn something about getting a small business loan in Battle Lake, Minnesota by studying this loan to a local company, made back in 2003. Banks like 1st National Bank - Battle Lake may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender 1ST NATIONAL BANK - BATTLE LAKE The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 12/4/2003 Loan Approval Gross Amount $161,000 Loan Approval from the SBA Of the total $161,000 loan amount, the SBA guaranteed $120,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 11 employees. This SBA loan request did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Best Banks in Battle Lake, Minnesota
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