Financing for Secondary Smelting, Refining, and Alloying of Nonferrous Metal

Looking for loans for secondary smelting, refining, and alloying of nonferrous metal? An SBA loan may be just what you've been looking for. This $150,000 secondary smelting, refining, and alloying of nonferrous metal loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in South St Paul, Minnesota was able to borrow $150,000 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: SECONDARY SMELTING, REFINING, AND ALLOYING OF NONFERROUS METAL
SOUTH ST PAUL, MN 55075

SBA Loan Lender

WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408

This debt financing was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending track record and a deep knowledge SBA lending rules and regulations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

331492 - Secondary Smelting, Refining, and Alloying of Nonferrous Metal

Loan Approval Date

9/12/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 11 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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:

Debt Financing

Small Bank Loans in Minneapolis, Minnesota

Minnesota SBA Banks