Minnesota Business Loan Issued to Building Finishing Contractors Company
SBA loans in Minnesota are tough to come by these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA.
Getting a small business loan in Minneapolis, Minnesota was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Highland Bank. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: BUILDING FINISHING CONTRACTORS
MINNEAPOLIS, MN 55413
SBA Loan Lender
13370 GROVE DR
MAPLE GROVE, MN 55369
This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
238390 - Building Finishing Contractors
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $60,000 loan amount, the SBA guaranteed $51,000.
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 SBA loan documents did not indicate that the business promised to use the money to hire new employees or retain any existing employees.
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.
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