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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Nashwauk, Business Loans > American Bank Of The North Nashwauk Business Loans > Recreational And Vacation Camps Loan | ||||
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American Bank Of The North
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Business Loan from American Bank Of The North Given to Recreational And Vacation Camps CompanyAn SBA loan from American Bank Of The North typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Bigfork, Minnesota business owner got a $480,000 loan. This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with American Bank Of The North, out of Nashwauk, Minnesota. The loan was granted and they received $480,000 to help grow their Bigfork, Minnesota business. SBA Loan Borrower COMPANY TYPE: RECREATIONAL AND VACATION CAMPS SBA Loan Lender AMERICAN BANK OF THE NORTH 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 721214 - Recreational and Vacation Camps Loan Approval Date 9/8/2004 Loan Approval Gross Amount $480,000 Loan Approval from the SBA Of the total $480,000 loan amount, the SBA guaranteed $240,000. More Information on This SBA Loan The borrower borrowed this money for an existing 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 15 employees. The SBA loan application for the borrower indicated that the loan would help retain 15 existing jobs. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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: Good Banks for Small Business in Nashwauk, Minnesota
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