Sturgeon Lake, Minnesota Bank Gives SBA Loan to Petroleum And Petroleum Products Merchant Wholesalers Company
Get business loans from a Sturgeon Lake, Minnesota bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.
Woodlands National Bank is a Sturgeon Lake, Minnesota small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Minnesota company.
SBA Loan Borrower
COMPANY TYPE: PETROLEUM AND PETROLEUM PRODUCTS MERCHANT WHOLESALERS
WRENSHALL, MN 55797
SBA Loan Lender
WOODLANDS NATIONAL BANK
8891 MARKET ST
STURGEON LAKE, MN 55783
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
424720 - Petroleum and Petroleum Products Merchant Wholesalers
Loan Approval Date
9/30/2005
Loan Approval Gross Amount
$190,000
Loan Approval from the SBA
Of the total $190,000 loan amount, the SBA guaranteed $142,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 5 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees 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.
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