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May 5, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Cloud, Business Loans > St. Stephen State Bank Saint Cloud Business Loans > Security Systems Services Loan | ||||
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Saint Cloud, Minnesota SBA 7A Banks
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Saint Cloud, Minnesota Lender Lends Money to Security Systems Services CompanyThinking about meeting with a Saint Cloud, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Saint Cloud bank, that was approved by the SBA. Applying for an SBA loan with St. Stephen State Bank worked out well for our friends at one local firm in St. Cloud, Minnesota. The business was able to get an SBA loan for $170,000. Nice! SBA Loan Borrower COMPANY TYPE: SECURITY SYSTEMS SERVICES SBA Loan Lender ST. STEPHEN STATE BANK This lender issued this SBA loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561621 - Security Systems Services Loan Approval Date 7/27/2004 Loan Approval Gross Amount $170,000 Loan Approval from the SBA Of the total $170,000 loan amount, the SBA guaranteed $127,500. 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 6 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $170,000 loan. Remember, feel the fear, and do it anyway. 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 Decide How Much to Raise SBA 7A Lenders in Saint Cloud, Minnesota
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