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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Michael, Business Loans > Highland Bank Saint Michael Business Loans > Durable Goods Wholesalers Loan | ||||
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What Does It Take to Get a Business Loan in Savage, Minnesota?
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Durable Goods Wholesalers Commercial LoansWith these commercial loans for durable goods wholesalers, the SBA guarantees the lender that the loan will be repaid. This durable goods wholesalers loan for $100,000 was given to a Minnesota entrepreneur in 2003. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Savage, Minnesota was able to borrow $100,000 from Highland Bank. The SBA made the loan possible by guaranteeing $50,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: DURABLE GOODS WHOLESALERS SBA Loan Lender HIGHLAND BANK This lender processed this small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. 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 421990 - Durable Goods Wholesalers Loan Approval Date 7/16/2003 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 indicated that the loan would help generate 2 new jobs and retain 4 existing jobs. Next Steps for Getting an SBA Loan If you want money for new small business in Savage MN, you ought to talk with a local Savage SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Savage businesses. 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: Raising VC Money for Social Networking Companies SBA 7A Banks for Saint Michael, Minnesota Loans
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