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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Salt Lake City, Business Loans > Bank Of The West Salt Lake City Business Loans > Major Household Appliance Manufacturing Loan | ||||
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Getting a Business Loan in Ramsey, Minnesota
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Ramsey, Minnesota Entrepreneur Gets an SBA LoanWould a Minnesota SBA loan help your business get to the next level? If so, you may want to talk with this Utah bank, which offers SBA loans to Minnesota entrepreneurs. This business, based in Ramsey, 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 Bank Of The West. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MAJOR HOUSEHOLD APPLIANCE MANUFACTURING SBA Loan Lender BANK OF THE WEST SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 335228 - Major Household Appliance Manufacturing Loan Approval Date 11/17/2003 Loan Approval Gross Amount $159,500 Loan Approval from the SBA Of the total $159,500 loan amount, the SBA guaranteed $119,625. 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 5 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of The West that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Obtaining Funding - How to Borrow Money SBA Approved Banks in Salt Lake City, Utah
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