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December 22, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Edina, Business Loans > Fidelity Bank Edina Business Loans > Business Services Loan | ||||
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Minnesota Bank SBA Loans
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Fidelity Bank SBA Loan to Business Services CompanySearching for a Minnesota SBA loan? Here's one Minnesota business loan that was approved by the SBA. This growing firm needed an SBA business loan in Edina, Minnesota back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Fidelity Bank, operating out of Edina, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: BUSINESS SERVICES SBA Loan Lender FIDELITY BANK 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. SIC Code 7389 - Business Services Loan Approval Date 2/1/2000 Loan Approval Gross Amount $48,000 Loan Approval from the SBA Of the total $48,000 loan amount, the SBA guaranteed $38,400. 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 13 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan If you are working on finding money to start a business in Edina MN, you ought to talk with a local Edina SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Edina businesses. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Fidelity Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA 7A Lenders in Edina, Minnesota
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