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May 5, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Truckee, Business Loans > Bank Of The West Truckee Business Loans > Personal Services Loan | ||||
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Requirements for Entrepreneurs On Getting a Loan
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How to Get a Loan for Personal ServicesLooking for SBA loans for personal services? An SBA loan may be just what you've been looking for. This $100,000 personal services loan was issued by a California bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Blaine, Minnesota was able to borrow $100,000 from Bank Of The West. The SBA made the loan possible by guaranteeing $85,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: PERSONAL SERVICES SBA Loan Lender BANK OF THE WEST This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812990 - Personal Services Loan Approval Date 8/10/2006 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 21 existing jobs. Great, But How Can I Get an SBA Loan for My 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of The West that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Family and Friend Investors - Your First Financiers Best Banks for Small Business in Truckee, California
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