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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Richfield, Business Loans > M&i Marshall & Ilsley Bank Richfield Business Loans > Coin-Operated Laundries And Drycleaning Loan | ||||
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Minnesota SBA Lenders
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Richfield, Minnesota Bank Gives SBA Loan to Coin-Operated Laundries And Drycleaning CompanyA Richfield, Minnesota small business loan can be yours. Learn how a company got a $62,400 business loan from this Minnesota bank. This loan to an entrepreneur is a good example of an SBA loan. M&i Marshall & Ilsley Bank made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING SBA Loan Lender M&I MARSHALL & ILSLEY BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7215 - Coin-Operated Laundries and Drycleaning NAICS Code 812310 - Coin-Operated Laundries and Drycleaners Loan Approval Date 7/20/2000 Loan Approval Gross Amount $62,400 Loan Approval from the SBA Of the total $62,400 loan amount, the SBA guaranteed $49,920. 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 indicated that the loan would help retain 3 existing jobs. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. 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: Good Banks for Small Business in Richfield, Minnesota
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