Becker, Minnesota Business Gets SBA-Guaranteed Funding from 1st National Bank - Elk River

An SBA loan from 1st National Bank - Elk River typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Becker, Minnesota business owner got a $25,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Becker, Minnesota was able to borrow $25,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $20,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER AND COMPUTER SOFTWARE STORES
BECKER, MN 55308

SBA Loan Lender

1ST NATIONAL BANK - ELK RIVER
146 W BROADWAY
MONTICELLO, MN 55362

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5734 - Computer and Computer Software Stores

NAICS Code

443120 - Computer and Software Stores

Loan Approval Date

3/15/2000

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $20,000.

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 2 employees. The loan application did not indicate that the small business promised 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 loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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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