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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Deer River, Business Loans > Woodland Bank Deer River Business Loans > Sawmills Loan | ||||
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Raising Money in Bovey, Minnesota With SBA Loans
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Bovey, Minnesota Entrepreneur Gets a Small Business LoanMinnesotaBusiness loans are available to Minnesota business owners through the SBA. In this case, a Minnesota bank provides the loan. This company, based in Bovey, Minnesota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Woodland Bank. We've got the inside scoop on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SAWMILLS SBA Loan Lender WOODLAND BANK 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 321113 - Sawmills Loan Approval Date 10/6/2004 Loan Approval Gross Amount $91,000 Loan Approval from the SBA Of the total $91,000 loan amount, the SBA guaranteed $45,500. 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 only one employee. The SBA loan application for the borrower indicated that the funding would help create 2 new jobs. Next Steps for Getting an SBA Loan 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. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Determining Proper Capital Structure for a Business SBA Banks in Deer River, Minnesota SBA Participating Banks in Minnesota
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