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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Child Day Care Services Loan | ||||
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How to Get SBA Loans in Coon Rapids (rr Name Coon Cree, Minnesota
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Child Day Care Services SBA LoansLooking for SBA loans for child day care services? The SBA may be the answer. This $370,000 child day care services loan was issued by a Minnesota bank. This small business knew how to go about getting a business bank loan. Based in Coon Rapids (rr Name Coon Cree, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Park Midway Bank, based in Saint Paul, Minnesota. SBA Loan Borrower COMPANY TYPE: CHILD DAY CARE SERVICES SBA Loan Lender PARK MIDWAY BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 624410 - Child Day Care Services Loan Approval Date 3/23/2007 Loan Approval Gross Amount $370,000 Loan Approval from the SBA Of the total $370,000 loan amount, the SBA guaranteed $277,500. 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 14 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 14 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: Obtaining Funding - Friends and Family SBA Banks in Saint Paul, Minnesota
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