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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Eden Prairie, Business Loans > Voyager Bank Eden Prairie Business Loans > Retail Stores Loan | ||||
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Voyager Bank
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SBA Loan from Voyager Bank Helps Retail Stores CompanyAn SBA loan from Voyager Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Chanhassen, Minnesota business owner got a $18,000 loan. This growing company knew how to go about getting a business bank loan. Based in Chanhassen, Minnesota, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Voyager Bank, based in Eden Prairie, Minnesota. SBA Loan Borrower COMPANY TYPE: RETAIL STORES SBA Loan Lender VOYAGER BANK This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a 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. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5999 - Retail Stores NAICS Code 453920 - Art Dealers Loan Approval Date 9/26/2001 Loan Approval Gross Amount $18,000 Loan Approval from the SBA Of the total $18,000 loan amount, the SBA guaranteed $15,300. 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 3 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Voyager Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Voyager Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Good Banks for Small Business in Eden Prairie, Minnesota
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