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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Hibbing, Business Loans > American Bank Of The North Hibbing Business Loans > Amusement And Recreation Services Loan | ||||
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American Bank Of The North
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SBA Loan from American Bank Of The North Helps Amusement And Recreation Services CompanyAmerican Bank Of The North is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans. Getting a small business loan in Chisholm, Minnesota was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from American Bank Of The North, operating out of Hibbing, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: AMUSEMENT AND RECREATION SERVICES SBA Loan Lender AMERICAN BANK OF THE NORTH This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7999 - Amusement and Recreation Services Loan Approval Date 1/26/2000 Loan Approval Gross Amount $83,000 Loan Approval from the SBA Of the total $83,000 loan amount, the SBA guaranteed $66,400. More Information on This SBA Loan The borrower borrowed this money for a new 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 4 employees. The loan application did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you are working on finding money to start a business in Chisholm MN, you ought to talk with a local Chisholm SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Chisholm businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into American Bank Of The North and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA 7A Lenders in Hibbing, Minnesota
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