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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Grand Rapids, Business Loans > American Bank Of The North Grand Rapids Business Loans > Home And Garden Equipment Repair And Maintenance Loan | ||||
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Minnesota SBA Lenders
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Entrepreneur Works With Grand Rapids, Minnesota Bank to Get an SBA LoanThinking about meeting with a Grand Rapids, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Grand Rapids bank, that was approved by the SBA. Applying for an SBA loan with American Bank Of The North worked out well for our friends at one local company in Hibbing, Minnesota. They got an SBA loan for $41,000. Awesome! SBA Loan Borrower COMPANY TYPE: HOME AND GARDEN EQUIPMENT REPAIR AND MAINTENANCE SBA Loan Lender AMERICAN BANK OF THE NORTH This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811411 - Home and Garden Equipment Repair and Maintenance Loan Approval Date 2/5/2004 Loan Approval Gross Amount $41,000 Loan Approval from the SBA Of the total $41,000 loan amount, the SBA guaranteed $34,850. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $41,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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: Obtaining Funding - How to Borrow Money SBA Participating Banks in Grand Rapids, Minnesota Getting an SBA Loan in Minnesota
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