North Shore Bank Of Commerce SBA Loan to Title Abstract And Settlement Offices Company

North Shore Bank Of Commerce is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Duluth, Minnesota was able to borrow $595,000 from North Shore Bank Of Commerce. The SBA made the loan possible by guaranteeing $446,250 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: TITLE ABSTRACT AND SETTLEMENT OFFICES
DULUTH, MN 55812

SBA Loan Lender

NORTH SHORE BANK OF COMMERCE
131 W SUPERIOR ST
DULUTH, MN 55802

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541191 - Title Abstract and Settlement Offices

Loan Approval Date

4/12/2006

Loan Approval Gross Amount

$595,000

Loan Approval from the SBA

Of the total $595,000 loan amount, the SBA guaranteed $446,250.

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 9 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from North Shore Bank Of Commerce so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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