Commercial Loans for Metal Service Centers and Offices
With these commercial loans for metal service centers and offices, the SBA guarantees the lender that the loan will be repaid. This metal service centers and offices loan for $64,000 was given to a Minnesota entrepreneur in 2001.
Getting a small business loan in Andover, Minnesota was important for this business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First National Bank - Lakes, operating out of Minneapolis, Minnesota. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: METALS SERVICE CENTERS AND OFFICES
ANDOVER, MN 55107
SBA Loan Lender
FIRST NATIONAL BANK - LAKES
706 2ND AVE SOUTH, STE 143
MINNEAPOLIS, MN 55402
This was a Low Documentation SBA loan. The SBA launched 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. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5051 - Metals Service Centers and Offices
NAICS Code
421510 - Metal Service Centers and Offices
Loan Approval Date
6/6/2001
Loan Approval Gross Amount
$64,000
Loan Approval from the SBA
Of the total $64,000 loan amount, the SBA guaranteed $54,400.
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 2 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
Every year, the SBA guarantees over $10 billion for loans just like this one.
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:
Business Line of Credit
Banks in Minneapolis, Minnesota
SBA Minnesota Lenders