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April 29, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Highland Bank Saint Paul Business Loans > Homefurnishings Loan | ||||
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Minnesota Bank SBA Loans
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Highland Bank SBA Loan to Homefurnishings CompanyWant a Minnesota business loan? Here's one Minnesota business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Minneapolis, Minnesota was able to borrow $400,000 from Highland Bank. The SBA made the loan possible by guaranteeing $300,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: HOMEFURNISHINGS SBA Loan Lender HIGHLAND BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5023 - Homefurnishings Loan Approval Date 10/2/2000 Loan Approval Gross Amount $400,000 Loan Approval from the SBA Of the total $400,000 loan amount, the SBA guaranteed $300,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 30 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. This SBA loan was for $400,000. How would you spend $400,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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: Best Saint Paul, Minnesota Banks for Small Business
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