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May 5, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Bloomington, Business Loans > Bridgewater Bank Bloomington Business Loans > Sporting And Recreational Goods And Supplies Merchant Wholesalers Loan | ||||
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Minnesota SBA Banks
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Entrepreneur Works With Bloomington, Minnesota Bank to Get an SBA LoanWant to talk with a Bloomington, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Bloomington bank, that was approved by the SBA. Applying for an SBA loan with Bridgewater Bank worked out well for our friends at one local company in Minnapolis, Minnesota. They received an SBA loan for $140,000. Nice! SBA Loan Borrower COMPANY TYPE: SPORTING AND RECREATIONAL GOODS AND SUPPLIES MERCHANT WHOLESALERS SBA Loan Lender BRIDGEWATER BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 423910 - Sporting and Recreational Goods and Supplies Merchant Wholesalers Loan Approval Date 11/16/2006 Loan Approval Gross Amount $140,000 Loan Approval from the SBA Of the total $140,000 loan amount, the SBA guaranteed $119,000. 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 SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. 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: A Company That Helps Entrepreneurs Small Business Banks in Bloomington, Minnesota Browse All Business Loan Sources for Minnesota
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