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May 9, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Sioux Falls, Business Loans > Wells Fargo Bank Sioux Falls Business Loans > Commercial And Institutional Building Construction Loan | ||||
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How to Get SBA Loans in Big Lake, Minnesota
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Raising Money for Commercial and Institutional Building ConstructionWith these bank loans for commercial and institutional building construction, the SBA guarantees the lender that the loan will be repaid. This commercial and institutional building construction loan for $40,700 was given to a Minnesota entrepreneur in 2002. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Big Lake, Minnesota was able to borrow $40,700 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $34,595 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INSTITUTIONAL BUILDING CONSTRUCTION SBA Loan Lender WELLS FARGO BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring 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. NAICS Code 233320 - Commercial and Institutional Building Construction Loan Approval Date 3/26/2002 Loan Approval Gross Amount $40,700 Loan Approval from the SBA Of the total $40,700 loan amount, the SBA guaranteed $34,595. 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 2 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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 for Small Business in Sioux Falls, South Dakota
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