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May 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Long Lake, Business Loans > Lake Community Bank Long Lake Business Loans > Orthopedic, Prosthetic And Other Surgical Supplies Loan | ||||
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SBA 7A Banks in Minnesota
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Small Business Loans for Electromedical and Electrotherapeutic Apparatus ManufacturingLooking for small business loans for electromedical and electrotherapeutic apparatus manufacturing? The SBA may be the answer. This $130,000 electromedical and electrotherapeutic apparatus manufacturing loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in St. Louis Park, Minnesota was able to borrow $130,000 from Lake Community Bank. The SBA made the loan possible by guaranteeing $110,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: ORTHOPEDIC, PROSTHETIC AND OTHER SURGICAL SUPPLIES SBA Loan Lender LAKE COMMUNITY BANK This lender issued this particular bank 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 3842 - Orthopedic, Prosthetic and Other Surgical Supplies NAICS Code 334510 - Electromedical and Electrotherapeutic Apparatus Manufacturing Loan Approval Date 4/5/2001 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. 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 3 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees. 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 $130,000. How would you spend $130,000 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: Best Banks for Small Business in Long Lake, Minnesota Where to Get an SBA Loan Minnesota
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