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May 5, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Cloud, Business Loans > Stearns Bank Saint Cloud Business Loans > Site Preparation Contractors Loan | ||||
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I Need a Business Loan in Rice, Minnesota
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Where to Get Capital for Site Preparation ContractorsWith these SBA loans for site preparation contractors, the SBA guarantees the lender that the loan will be repaid. This site preparation contractors loan for $142,500 was given to a Minnesota entrepreneur in 2007. This business knew how to go about getting a business bank loan. Based in Rice, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Stearns Bank, based in Saint Cloud, Minnesota. SBA Loan Borrower COMPANY TYPE: SITE PREPARATION CONTRACTORS SBA Loan Lender STEARNS BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 238910 - Site Preparation Contractors Loan Approval Date 4/10/2007 Loan Approval Gross Amount $142,500 Loan Approval from the SBA Of the total $142,500 loan amount, the SBA guaranteed $121,125. 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 25 employees. The SBA loan documents indicated that the loan would help retain 25 existing jobs. Next Steps for Getting an SBA Loan If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great source of funding. 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 Best Banks in Saint Cloud, Minnesota
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