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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > East Grand Forks, Business Loans > American Federal Bank East Grand Forks Business Loans > Gasoline Stations With Convenience Stores Loan | ||||
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Who Lends Money to Crookston Entrepreneurs
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Crookston, Minnesota Entrepreneur Gets a Business LoanBusiness loans in Minnesota are tough to come by these days. We take a look at one Minnesota business loan, provided by a Minnesota bank, that was approved by the SBA. This company, based in Crookston, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from American Federal Bank. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES SBA Loan Lender AMERICAN FEDERAL BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 447110 - Gasoline Stations with Convenience Stores Loan Approval Date 7/6/2004 Loan Approval Gross Amount $235,000 Loan Approval from the SBA Of the total $235,000 loan amount, the SBA guaranteed $176,250. 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 9 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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 East Grand Forks, Minnesota Browse All Business Loan Sources for Minnesota
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