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April 28, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Enderlin, Business Loans > Cornerstone Bank Enderlin Business Loans > Veterinary Services Loan | ||||
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SBA Lender Hawley Minnesota
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Cornerstone Bank Gives Small Business Loan to Veterinary Services CompanyMinnesotaBank loans are available to Minnesota firms through the SBA. In this case, a North Dakota bank provides the loan. This small business, based in Hawley, 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 Cornerstone Bank. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: VETERINARY SERVICES SBA Loan Lender CORNERSTONE BANK 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 541940 - Veterinary Services Loan Approval Date 1/16/2008 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. 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 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: Determining Proper Capital Structure for a Business SBA Banks in Enderlin, North Dakota Getting a Business Loan in North Dakota
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