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May 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Associated Bank Minneapolis Business Loans > Silverware, Plated Ware And Stainless Steel Ware Loan | ||||
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How Do We Get a Business Loan in Golden Valley, Minnesota?
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Financing for Silverware and Hollowware ManufacturingLooking for loans for silverware and hollowware manufacturing? The SBA may be the answer. This $170,000 silverware and hollowware manufacturing loan was issued by a Minnesota bank. This company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Associated Bank, out of Minneapolis, Minnesota. The loan was granted and they received $170,000 to help grow their Golden Valley, Minnesota business. SBA Loan Borrower COMPANY TYPE: SILVERWARE, PLATED WARE AND STAINLESS STEEL WARE SBA Loan Lender ASSOCIATED BANK This lender provides SBA debt financing as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3914 - Silverware, Plated Ware and Stainless Steel Ware NAICS Code 339912 - Silverware and Hollowware Manufacturing Loan Approval Date 2/11/2000 Loan Approval Gross Amount $170,000 Loan Approval from the SBA Of the total $170,000 loan amount, the SBA guaranteed $127,500. 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 44 employees. The SBA loan application for the borrower indicated that the loan would help generate 44 new jobs and retain 44 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Best Banks for Small Business in Minneapolis, Minnesota
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