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May 9, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Duluth, Business Loans > National Bank Of Commerce Duluth Business Loans > Engineering Services Loan | ||||
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Banks in Minnesota
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How to Get a Loan for Engineering ServicesLooking for SBA loans for engineering services? Talk to a banker who works with the SBA. This $150,000 engineering services loan was issued by a Minnesota bank. This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with National Bank Of Commerce, out of Duluth, Minnesota. The loan was granted and they received $150,000 to help grow their Duluth, Minnesota business. SBA Loan Borrower COMPANY TYPE: ENGINEERING SERVICES SBA Loan Lender NATIONAL BANK OF COMMERCE This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541330 - Engineering Services Loan Approval Date 4/22/2005 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Don't forget. To get an SBA loan, you must 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. 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 National Bank Of Commerce 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: Small Business Banks in Duluth, Minnesota
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