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November 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Peoples Bank Of Commerce Minneapolis Business Loans > Motion Picture And Video Production Loan | ||||
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Raising Money in Bloomington, Minnesota With SBA Loans
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Motion Picture and Video Production Commercial LoansWith these commercial loans for motion picture and video production, the SBA guarantees the lender that the loan will be repaid. This motion picture and video production loan for $150,000 was given to a Minnesota entrepreneur in 2001. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bloomington, Minnesota was able to borrow $150,000 from Peoples Bank Of Commerce. The SBA made the loan possible by guaranteeing $120,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MOTION PICTURE AND VIDEO PRODUCTION SBA Loan Lender PEOPLES BANK OF COMMERCE The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 512110 - Motion Picture and Video Production Loan Approval Date 1/31/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $120,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 documents did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. 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 7A Lenders in Minneapolis, Minnesota SBA Participating Banks in Minnesota
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