SBA Loan from Amer Heritage National Helps Furniture Stores Company
Amer Heritage National has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.
This growing company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Amer Heritage National, out of Long Prairie, Minnesota. The loan was granted and they received $100,000 to help grow their Long Prairie, Minnesota business.
SBA Loan Borrower
COMPANY TYPE: FURNITURE STORES
LONG PRAIRIE, MN 56347
SBA Loan Lender
AMER HERITAGE NATIONAL
24 2ND ST SOUTH
LONG PRAIRIE, MN 56347
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.
SIC Code
5712 - Furniture Stores
NAICS Code
442110 - Furniture Stores
Loan Approval Date
7/23/2001
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $85,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 5 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money
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:
Accountant's Role in Securing Financing
Find an SBA Lender in Long Prairie, Minnesota
Find an SBA Lender in Minnesota