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November 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Bloomington, Business Loans > Venture Bank Bloomington Business Loans > Personal And Household Goods Repair And Maintenance Loan | ||||
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Venture Bank Brooklyn Center
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Brooklyn Center, Minnesota Business Gets SBA-Guaranteed Funding from Venture BankAn SBA loan from Venture Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Brooklyn Center, Minnesota business owner got a $25,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brooklyn Center, Minnesota was able to borrow $25,000 from Venture Bank. The SBA made the loan possible by guaranteeing $12,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: PERSONAL AND HOUSEHOLD GOODS REPAIR AND MAINTENANCE SBA Loan Lender VENTURE BANK The lender provided this SBA bank 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 811490 - Personal and Household Goods Repair and Maintenance Loan Approval Date 2/15/2007 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the loan would help retain 6 existing jobs. Getting an SBA Loan For Your Business 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 7A Banks in Bloomington, Minnesota
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