Financing for Personal Services

Looking for loans for personal services? The SBA may be the answer. This $19,000 personal services loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Cold Spring, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was 1st National Bank - Cold Spring, based in Cold Spring, Minnesota.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
COLD SPRING, MN 56320

SBA Loan Lender

1ST NATIONAL BANK - COLD SPRING
301 MAIN ST
COLD SPRING, MN 56320

The lender provided this loan for a small business 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

812990 - Personal Services

Loan Approval Date

3/4/2004

Loan Approval Gross Amount

$19,000

Loan Approval from the SBA

Of the total $19,000 loan amount, the SBA guaranteed $9,500.

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 2 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you have been wondering how do i get money to start a business in Cold Spring MN, you ought to talk with a local Cold Spring SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cold Spring 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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