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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > New York Mills, Business Loans > Farmers & Merchants St. Bank - N New York Mills Business Loans > Boat Dealers Loan | ||||
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SBA Lenders That Lend to Minnesota Entrepreneurs
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Perham, Minnesota Entrepreneur Gets a Business LoanMinnesotaBusiness loans are available to Minnesota business owners through the SBA. In this case, a Minnesota bank provides the loan. This business, based in Perham, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Farmers & Merchants St. Bank - N. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: BOAT DEALERS SBA Loan Lender FARMERS & MERCHANTS ST. BANK - N The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 441222 - Boat Dealers Loan Approval Date 12/21/2006 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $175,000. 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 14 employees. This SBA loan request indicated that the loan would help retain 14 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. This SBA loan was for $350,000. How would you spend $350,000 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: SBA 7A Banks for New York Mills, Minnesota Loans
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