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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Howard Lake, Business Loans > Security St. Bank - Howard Lake Howard Lake Business Loans > Drinking Places Loan | ||||
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Minnesota Bank SBA Loans
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Howard Lake, Minnesota Lender Lends Money to Drinking Places CompanyGet to know Howard Lake, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. Security St. Bank - Howard Lake is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Ely, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Security St. Bank - Howard Lake. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: DRINKING PLACES SBA Loan Lender SECURITY ST. BANK - HOWARD LAKE This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. 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 722410 - Drinking Places Loan Approval Date 7/23/2007 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $125,000. 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 5 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 7 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: Role of Business Plan When Raising Money SBA Approved Banks in Howard Lake, Minnesota
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