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April 27, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Ottertail, Business Loans > 1st National Bank - Henning Ottertail Business Loans > General Freight Trucking, Local Loan | ||||
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Requirements for Small Businesses On Getting a Loan
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Business Loans for General Freight Trucking, LocalLooking for business loans for general freight trucking, local? The SBA may be the answer. This $62,000 general freight trucking, local 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 1st National Bank - Henning, out of Ottertail, Minnesota. The loan was granted and they received $62,000 to help grow their Henning, Minnesota business. SBA Loan Borrower COMPANY TYPE: GENERAL FREIGHT TRUCKING, LOCAL SBA Loan Lender 1ST NATIONAL BANK - HENNING This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 484110 - General Freight Trucking, Local Loan Approval Date 2/3/2005 Loan Approval Gross Amount $62,000 Loan Approval from the SBA Of the total $62,000 loan amount, the SBA guaranteed $52,700. 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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan 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. 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: SBA 7A Lenders in Ottertail, Minnesota Getting a Business Loan in Minnesota
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