Financing for Metal Service Centers and Offices

With these commercial loans for metal service centers and offices, the SBA guarantees the lender that the loan will be repaid. This metal service centers and offices loan for $65,000 was given to a Minnesota entrepreneur in 2003.

This business knew how to go about getting a business bank loan. Based in Moorhead, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Northwestern Bank, based in Moorhead, Minnesota.

SBA Loan Borrower

COMPANY TYPE: METAL SERVICE CENTERS AND OFFICES
MOORHEAD, MN 56560

SBA Loan Lender

NORTHWESTERN BANK
2405 S 8TH ST
MOORHEAD, MN 56564

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421510 - Metal Service Centers and Offices

Loan Approval Date

3/11/2003

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $48,750.

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 6 employees. The SBA loan documents did not indicate that the business planned to use the money to increase staffing levels 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.

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:

Determining Proper Capital Structure for a Business

SBA Participating Banks in Moorhead, Minnesota

Minnesota SBA 7A Banks