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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Litchfield, Business Loans > Home State Bank Litchfield Business Loans > Professional, Scientific, And Technical Services Loan | ||||
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Litchfield, Minnesota SBA Banks
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Litchfield, Minnesota Bank Gives SBA Loan to Professional, Scientific, And Technical Services CompanyFind Litchfield, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. Home State Bank is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Minneapolis, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Home State Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES SBA Loan Lender HOME STATE BANK The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 541990 - Professional, Scientific, and Technical Services Loan Approval Date 4/27/2004 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $100,000. 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 5 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 5 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. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Home State Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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 - How to Decide How Much to Raise Find an SBA Lender in Litchfield, Minnesota Where to Get an SBA Loan Minnesota
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