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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Otsego, Business Loans > Riverview Community Bank Otsego Business Loans > Wood Kitchen Cabinet And Countertop Manufacturing Loan | ||||
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Raising Money in Anoka, Minnesota With SBA Loans
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Getting an SBA Loan for Wood Kitchen Cabinet and Countertop ManufacturingWith these commercial loans for wood kitchen cabinet and countertop manufacturing, the SBA guarantees the lender that the loan will be repaid. This wood kitchen cabinet and countertop manufacturing loan for $374,245 was given to a Minnesota entrepreneur in 2004. This business knew how to go about getting a business bank loan. Based in Anoka, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Riverview Community Bank, based in Otsego, Minnesota. SBA Loan Borrower COMPANY TYPE: WOOD KITCHEN CABINET AND COUNTERTOP MANUFACTURING SBA Loan Lender RIVERVIEW COMMUNITY BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 337110 - Wood Kitchen Cabinet and Countertop Manufacturing Loan Approval Date 7/22/2004 Loan Approval Gross Amount $374,245 Loan Approval from the SBA Of the total $374,245 loan amount, the SBA guaranteed $280,684. 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 6 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Small Business Banks in Otsego, Minnesota
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