Data Processing Services Commercial Loans

With these commercial loans for data processing services, the SBA guarantees the lender that the loan will be repaid. This data processing services loan for $80,000 was given to a Minnesota entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Burnsville, Minnesota was able to borrow $80,000 from Minnwest Bank Metro. The SBA made the loan possible by guaranteeing $64,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMPUTER PROCESSING AND DATA PREPARATION
BURNSVILLE, MN 55332

SBA Loan Lender

MINNWEST BANK METRO
1150 YANKEE DOODLE RD
EAGAN, MN 55123

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7374 - Computer Processing and Data Preparation

NAICS Code

514210 - Data Processing Services

Loan Approval Date

4/4/2000

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $64,000.

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 6 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a business in Burnsville MN, you ought to talk with a local Burnsville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Burnsville businesses.

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.

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