Logging SBA Loans

Looking for SBA loans for logging? An SBA loan may be just what you've been looking for. This $33,600 logging loan was issued by a Minnesota bank.

This business knew how to go about getting a business bank loan. Based in Ely, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Boundary Waters Bank, based in Ely, Minnesota.

SBA Loan Borrower

COMPANY TYPE: LOGGING
ELY, MN 55731

SBA Loan Lender

BOUNDARY WATERS BANK
601 E SHERIDAN ST
ELY, MN 55731

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

2411 - Logging

NAICS Code

113310 - Logging

Loan Approval Date

3/16/2001

Loan Approval Gross Amount

$33,600

Loan Approval from the SBA

Of the total $33,600 loan amount, the SBA guaranteed $28,560.

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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are wondering how to raise money for a business in Ely MN, you ought to talk with a local Ely SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Ely 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.

Related Links:

Borrowing Money from Friends and Family

SBA Participating Banks in Ely, Minnesota

Getting a Business Loan in Minnesota