Park State Bank SBA Loan to Motors And Generators Company

An SBA loan from Park State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Duluth, Minnesota business owner got a $29,000 loan.

This business knew how to go about getting a business bank loan. Based in Duluth, Minnesota, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Park State Bank, based in Duluth, Minnesota.

SBA Loan Borrower

COMPANY TYPE: MOTORS AND GENERATORS
DULUTH, MN 55811

SBA Loan Lender

PARK STATE BANK
1106 88TH AVE WEST
DULUTH, MN 55808

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3621 - Motors and Generators

NAICS Code

335312 - Motor and Generator Manufacturing

Loan Approval Date

4/28/2000

Loan Approval Gross Amount

$29,000

Loan Approval from the SBA

Of the total $29,000 loan amount, the SBA guaranteed $23,200.

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 2 employees. The SBA loan documents did not indicate that the company 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.

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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