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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Nashwauk, Business Loans > American Bank Of The North Nashwauk Business Loans > General Long-Distance, Less-Than-One-Truckload Freight Trucking Loan | ||||
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Who Can Get a Business Loan in Hibbing, Minnesota?
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Get an SBA Loan for General Long-Distance, Less-Than-One-Truckload Freight TruckingWith these loans for general long-distance, less-than-one-truckload freight trucking, the SBA guarantees the lender that the loan will be repaid. This general long-distance, less-than-one-truckload freight trucking loan for $49,000 was given to a Minnesota entrepreneur in 2003. This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with American Bank Of The North, out of Nashwauk, Minnesota. The loan was granted and they received $49,000 to help grow their Hibbing, Minnesota business. SBA Loan Borrower COMPANY TYPE: GENERAL LONG-DISTANCE, LESS-THAN-ONE-TRUCKLOAD FREIGHT TRUCKING SBA Loan Lender AMERICAN BANK OF THE NORTH The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 484122 - General Long-Distance, Less-Than-One-Truckload Freight Trucking Loan Approval Date 8/22/2003 Loan Approval Gross Amount $49,000 Loan Approval from the SBA Of the total $49,000 loan amount, the SBA guaranteed $24,500. 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 12 employees. The loan application indicated that the loan would help retain 12 existing jobs. Great, But How Can I Get an SBA Loan for My Business? If you have been wondering how do i get money to start a business in Hibbing MN, you ought to talk with a local Hibbing SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Hibbing 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: SBA Approved Banks in Nashwauk, Minnesota
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