Ogema, Minnesota Bank Lends Money to Curtain And Drapery Mills Company in Blackduck, Minnesota

Thinking about meeting with an Ogema, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by an Ogema bank, that was approved by the SBA.

Applying for an SBA loan with Community Devel Bank Fsb worked out well for our friends at one local business in Blackduck, Minnesota. They got an SBA loan for $600,000. Great job!

SBA Loan Borrower

COMPANY TYPE: CURTAIN AND DRAPERY MILLS
BLACKDUCK, MN 56630

SBA Loan Lender

COMMUNITY DEVEL BANK FSB
516 MAIN ST
OGEMA, MN 56569

This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

314121 - Curtain and Drapery Mills

Loan Approval Date

4/19/2002

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $450,000.

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 350 employees. This SBA loan request did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

The Friends and Family Network

Where to Get an SBA Loan in Ogema, Minnesota

Getting an SBA Loan in Minnesota