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May 4, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Maple Grove, Business Loans > Highland Bank Maple Grove Business Loans > Grocery And Related Products Merchant Wholesalers Loan | ||||
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Banks Doing SBA Loans in Minnesota
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Maple Grove, Minnesota Bank Gives SBA Loan to Grocery And Related Products Merchant Wholesalers CompanyGet to know Maple Grove, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. Highland Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Eden Prairie, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Highland Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: GROCERY AND RELATED PRODUCTS MERCHANT WHOLESALERS SBA Loan Lender HIGHLAND BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 424490 - Grocery and Related Products Merchant Wholesalers Loan Approval Date 5/29/2007 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $187,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 17 employees. This SBA loan request indicated that the loan would help retain 17 existing jobs. Start the Process for Getting an SBA Loan Today! 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. 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: Find an SBA Lender in Maple Grove, Minnesota Getting a Business Loan in Minnesota
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