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May 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Ely, Business Loans > Boundary Waters Bank Ely Business Loans > Logging Loan | ||||
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Minnesota Bank SBA Loans
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Embarass, Minnesota Business Gets SBA-Guaranteed Funding from Boundary Waters BankBoundary Waters Bank 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. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Embarass, Minnesota was able to borrow $106,000 from Boundary Waters Bank. The SBA made the loan possible by guaranteeing $79,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: LOGGING SBA Loan Lender BOUNDARY WATERS BANK This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 113310 - Logging Loan Approval Date 9/14/2001 Loan Approval Gross Amount $106,000 Loan Approval from the SBA Of the total $106,000 loan amount, the SBA guaranteed $79,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your 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. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Boundary Waters Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Banking Deregulation's Effects on Entrepreneurship Best Banks for Small Business in Ely, Minnesota Browse All Business Loan Sources for Minnesota
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