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May 16, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Hampton, Business Loans > Merchants Bank Hampton Business Loans > Computer Systems Design Services Loan | ||||
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Who Lends Money to Apple Valley Small Businesses
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Minnesota Bank Loan Issued to Computer Systems Design Services CompanyWould a Minnesota business loan help your company expand? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs. You can learn something about getting a small business loan in Apple Valley, Minnesota by studying this loan to a local business, made back in 2003. Banks like Merchants Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: COMPUTER SYSTEMS DESIGN SERVICES SBA Loan Lender MERCHANTS BANK The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 541512 - Computer Systems Design Services Loan Approval Date 7/16/2003 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $150,000. 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 10 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 15 existing jobs. Getting an SBA Loan For Your Business For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. 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: SBA 7A Banks in Hampton, Minnesota
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