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May 7, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Faribault, Business Loans > The State Bank Of Faribault Faribault Business Loans > Lawyers Loan | ||||
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MN Business Loans from The State Bank Of Faribault
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Business Loan from The State Bank Of Faribault Given to Lawyers CompanyAn SBA loan from The State Bank Of Faribault typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Faribault, Minnesota business owner got a $50,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with The State Bank Of Faribault, out of Faribault, Minnesota. The loan was granted and they received $50,000 to help grow their Faribault, Minnesota business. SBA Loan Borrower COMPANY TYPE: LAWYERS SBA Loan Lender THE STATE BANK OF FARIBAULT This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 541110 - Lawyers Loan Approval Date 4/20/2007 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 only one employee. The loan application indicated that the loan would help generate 1 new job and retain 2 existing jobs. Next Steps for Getting an SBA Loan SBA loans provide money to small business owners for working capital for other expenses. 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: Getting an SBA Loan in Minnesota
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