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May 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Hager City, Business Loans > Hiawatha National Bank Hager City Business Loans > Commercial Art And Graphic Design Loan | ||||
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Hiawatha National Bank Red Wing
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Red Wing, Minnesota Business Gets SBA-Guaranteed Funding from Hiawatha National BankHiawatha National Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Red Wing, Minnesota was able to borrow $61,178 from Hiawatha National Bank. The SBA made the loan possible by guaranteeing $48,942 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL ART AND GRAPHIC DESIGN SBA Loan Lender HIAWATHA NATIONAL BANK This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7336 - Commercial Art and Graphic Design NAICS Code 541430 - Graphic Design Services Loan Approval Date 6/19/2000 Loan Approval Gross Amount $61,178 Loan Approval from the SBA Of the total $61,178 loan amount, the SBA guaranteed $48,942. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business planned to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans provide smart, affordable business financing for small businesses looking to expand. Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process. 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: Accountant's Role in Securing Financing Best Hager City, Wisconsin Banks for Small Business
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