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May 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Vermillion, Business Loans > Vermillion State Bank Vermillion Business Loans > Heavy Construction Equipment Rental And Leasing Loan | ||||
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Raising Money in Cannon Falls, Minnesota With SBA Loans
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Heavy Construction SBA LoansLooking for SBA loans for heavy construction? Talk to a banker who works with the SBA. This $60,000 heavy construction loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cannon Falls, Minnesota was able to borrow $60,000 from Vermillion State Bank. The SBA made the loan possible by guaranteeing $51,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: HEAVY CONSTRUCTION EQUIPMENT RENTAL AND LEASING SBA Loan Lender VERMILLION STATE BANK This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7353 - Heavy Construction Equipment Rental and Leasing NAICS Code 234990 - Heavy Construction Loan Approval Date 10/24/2002 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. 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 only one employee. The SBA loan application for the borrower did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you want money for new small business in Cannon Falls MN, you ought to talk with a local Cannon Falls SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cannon Falls businesses. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Vermillion State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Obtaining Funding - Getting Venture Capital Who Lends Money to Small Businesses in Vermillion, Minnesota
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