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May 16, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Peoples Bank Of Commerce Saint Paul Business Loans > Snack And Nonalcoholic Beverage Bars Loan | ||||
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Small Business Banks in Minnesota
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Where to Get Capital for Snack and Nonalcoholic Beverage BarsLooking for SBA loans for snack and nonalcoholic beverage bars? Try the SBA. This $295,000 snack and nonalcoholic beverage bars loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chanhassen, Minnesota was able to borrow $295,000 from Peoples Bank Of Commerce. The SBA made the loan possible by guaranteeing $221,250 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SNACK AND NONALCOHOLIC BEVERAGE BARS SBA Loan Lender PEOPLES BANK OF COMMERCE This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722213 - Snack and Nonalcoholic Beverage Bars Loan Approval Date 5/31/2005 Loan Approval Gross Amount $295,000 Loan Approval from the SBA Of the total $295,000 loan amount, the SBA guaranteed $221,250. 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 28 employees. The SBA loan documents did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $295,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Small Bank Loans in Saint Paul, Minnesota Getting an SBA Loan in Minnesota
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