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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Mountain Iron, Business Loans > American Bank Of The North Mountain Iron Business Loans > Motorcycle Dealers Loan | ||||
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How to Get an SBA Loan in Ray, Minnesota
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American Bank Of The North Gives SBA Loan to Motorcycle Dealers CompanyWould a Minnesota SBA loan help your business get to the next level? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs. This business, based in Ray, 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 American Bank Of The North. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MOTORCYCLE DEALERS SBA Loan Lender AMERICAN BANK OF THE NORTH This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5571 - Motorcycle Dealers NAICS Code 441221 - Motorcycle, ATV, and Personal Watercraft Dealers Loan Approval Date 9/19/2000 Loan Approval Gross Amount $92,000 Loan Approval from the SBA Of the total $92,000 loan amount, the SBA guaranteed $73,600. 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 7 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. Related Links: Who Lends Money to Small Businesses in Mountain Iron, Minnesota Where to Get an SBA Loan Minnesota
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