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November 23, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Francis, Business Loans > Village Bank Saint Francis Business Loans > Beauty Salons Loan | ||||
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Raising Money in Blaine, Minnesota With SBA Loans
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Beauty Salons Business LoansLooking for business loans for beauty salons? An SBA loan may be just what you've been looking for. This $125,000 beauty salons loan was issued by a Minnesota bank. This small business knew how to go about getting a business bank loan. Based in Blaine, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Village Bank, based in Saint Francis, Minnesota. SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender VILLAGE BANK The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 812112 - Beauty Salons Loan Approval Date 10/27/2004 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $62,500. 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 30 employees. The SBA loan application for the borrower indicated that the loan would help generate 15 new jobs and retain 30 existing jobs. Next Steps for Getting an SBA Loan 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: SBA Participating Banks in Saint Francis, Minnesota Getting a Business Loan in Minnesota
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