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May 17, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Ely, Business Loans > Boundary Waters Bank Ely Business Loans > Sporting Goods Stores And Bicycle Shops Loan | ||||
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Business Loans for Ely Small Businesses
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How to Get a Loan for Sporting Goods StoresWith these SBA loans for sporting goods stores, the SBA guarantees the lender that the loan will be repaid. This sporting goods stores loan for $20,500 was given to a Minnesota entrepreneur in 2001. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Ely, Minnesota was able to borrow $20,500 from Boundary Waters Bank. The SBA made the loan possible by guaranteeing $17,425 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES AND BICYCLE SHOPS SBA Loan Lender BOUNDARY WATERS BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with borrowing money. The low-doc program involves 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 5941 - Sporting Goods Stores and Bicycle Shops NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 4/25/2001 Loan Approval Gross Amount $20,500 Loan Approval from the SBA Of the total $20,500 loan amount, the SBA guaranteed $17,425. 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 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Boundary Waters Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Boundary Waters Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Small Bank Loans in Ely, Minnesota Getting an SBA Loan in Minnesota
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