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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Two Harbors, Business Loans > The Lake Bank Two Harbors Business Loans > Sound Recording Studios Loan | ||||
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How to Get SBA Loans in Minneapolis, Minnesota
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Raising Money for Sound Recording StudiosLooking for business loans for sound recording studios? An SBA loan may be just what you've been looking for. This $50,000 sound recording studios loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Minneapolis, Minnesota was able to borrow $50,000 from The Lake Bank. The SBA made the loan possible by guaranteeing $42,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SOUND RECORDING STUDIOS SBA Loan Lender THE LAKE BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. 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. NAICS Code 512240 - Sound Recording Studios Loan Approval Date 8/24/2005 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $50,000 loan. Remember, fight for what you want, and it will be yours! 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 Two Harbors, Minnesota Banks for Small Business
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