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May 3, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Cambridge, Business Loans > Peoples Bank Of Commerce Cambridge Business Loans > Soap And Detergent Manufacturing Loan | ||||
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What Does It Take to Get a Business Loan in Minneapolis, Minnesota?
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Soap and Detergent Manufacturing LoansWith these loans for soap and detergent manufacturing, the SBA guarantees the lender that the loan will be repaid. This soap and detergent manufacturing loan for $200,000 was given to a Minnesota entrepreneur in 2007. This small firm knew how to go about getting a business bank loan. Based in Minneapolis, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Peoples Bank Of Commerce, based in Cambridge, Minnesota. SBA Loan Borrower COMPANY TYPE: SOAP AND DETERGENT MANUFACTURING SBA Loan Lender PEOPLES BANK OF COMMERCE The lender provided this bank 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 325611 - Soap and Detergent Manufacturing Loan Approval Date 4/25/2007 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. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Peoples Bank Of Commerce and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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 From a Venture Capitalist Best Banks for Small Business in Cambridge, Minnesota
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