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May 3, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Bremer Bank Minneapolis Business Loans > Instrument Manufacturing For Measuring And Testing Electric Devices Loan | ||||
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Minnesota Small Business Funding
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Business Loans for Instrument Manufacturing for Measuring and Testing Electric DevicesLooking for business loans for instrument manufacturing for measuring and testing electric devices? An SBA loan may be just what you've been looking for. This $2,000,000 instrument manufacturing for measuring and testing electric devices loan was issued by a Minnesota bank. This business knew how to go about getting a business bank loan. Based in North St Paul, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Bremer Bank, based in Minneapolis, Minnesota. SBA Loan Borrower COMPANY TYPE: INSTRUMENT MANUFACTURING FOR MEASURING AND TESTING ELECTRIC DEVICES SBA Loan Lender BREMER BANK This lender issued this business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 334515 - Instrument Manufacturing for Measuring and Testing Electric Devices Loan Approval Date 8/2/2005 Loan Approval Gross Amount $2,000,000 Loan Approval from the SBA Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000. 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 only one employee. 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. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: Determining Proper Capital Structure for a Business SBA 7A Banks in Minneapolis, Minnesota
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