Loan Census Banking News and Information
November 15, 2024  
 
 
  Business Loan Information  
 

Minnesota Small Business Funding

 

 
Loan Census SBA Loan Info

Financing for Home Centers

Looking for loans for home centers? Try the SBA. This $91,500 home centers loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Atwater, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Lake Region Bank, based in New London, Minnesota.

SBA Loan Borrower

COMPANY TYPE: HOME CENTERS
ATWATER, MN 56209

SBA Loan Lender

LAKE REGION BANK
51 MAIN ST
NEW LONDON, MN 56273

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

444110 - Home Centers

Loan Approval Date

8/11/2005

Loan Approval Gross Amount

$91,500

Loan Approval from the SBA

Of the total $91,500 loan amount, the SBA guaranteed $45,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small 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.

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