Electric Housewares and Household Fan Manufacturing Loans

With these loans for electric housewares and household fan manufacturing, the SBA guarantees the lender that the loan will be repaid. This electric housewares and household fan manufacturing loan for $50,000 was given to a Minnesota entrepreneur in 2003.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with American Bank Of St. Paul, out of Eagan, Minnesota. The loan was granted and they received $50,000 to help grow their Burnsville, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: ELECTRIC HOUSEWARES AND HOUSEHOLD FAN MANUFACTURING
BURNSVILLE, MN 55337

SBA Loan Lender

AMERICAN BANK OF ST. PAUL
2109 CLIFF RD
EAGAN, MN 55122

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335211 - Electric Housewares and Household Fan Manufacturing

Loan Approval Date

5/21/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 8 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

Alternative Financing

Good Banks for Small Business in Eagan, Minnesota

Minnesota SBA 7A Lenders