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May 4, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > M&i Marshall & Ilsley Bank Minneapolis Business Loans > Insurance Agents And Brokers Loan | ||||
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How Hard Is It to Get a Small Business Loan in Burnsville, Minnesota?
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Insurance Agencies and Brokerages Commercial LoansWith these commercial loans for insurance agencies and brokerages, the SBA guarantees the lender that the loan will be repaid. This insurance agencies and brokerages loan for $97,500 was given to a Minnesota entrepreneur in 2000. This small business knew how to go about getting a business bank loan. Based in Burnsville, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was M&i Marshall & Ilsley Bank, based in Minneapolis, Minnesota. SBA Loan Borrower COMPANY TYPE: INSURANCE AGENTS AND BROKERS SBA Loan Lender M&I MARSHALL & ILSLEY BANK This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. 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. SIC Code 6411 - Insurance Agents and Brokers NAICS Code 524210 - Insurance Agencies and Brokerages Loan Approval Date 5/19/2000 Loan Approval Gross Amount $97,500 Loan Approval from the SBA Of the total $97,500 loan amount, the SBA guaranteed $78,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you have been wondering how do i get money to start a business in Burnsville MN, you ought to talk with a local Burnsville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Burnsville businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. M&i Marshall & Ilsley Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, M&i Marshall & Ilsley 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: How Much Venture Capital Is There? SBA Banks in Minneapolis, Minnesota
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