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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Hibbing, Business Loans > American Bank Of The North Hibbing Business Loans > Sporting And Recreational Goods And Supplies Wholesalers Loan | ||||
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Chisholm Small Business Loans from American Bank Of The North
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American Bank Of The North SBA Loan to Sporting And Recreational Goods And Supplies Wholesalers CompanyAmerican Bank Of The North has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chisholm, Minnesota was able to borrow $125,000 from American Bank Of The North. The SBA made the loan possible by guaranteeing $106,250 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING AND RECREATIONAL GOODS AND SUPPLIES WHOLESALERS SBA Loan Lender AMERICAN BANK OF THE NORTH 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. NAICS Code 421910 - Sporting and Recreational Goods and Supplies Wholesalers Loan Approval Date 9/18/2002 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $106,250. 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 documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. We can help you find the best banks for small businesses in Chisholm or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. 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: How Much Venture Capital Is There? SBA 7A Banks for Hibbing, Minnesota Loans
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