Isanti, Minnesota Entrepreneur Gets a Bank Loan

Business loans in Minnesota are tough to come by these days. We take a look at one Minnesota business loan, provided by a Minnesota bank, that was approved by the SBA.

Getting a small business loan in Isanti, Minnesota was a top priority for this SBA-financed company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank - Milaca. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL EQUIPMENT
ISANTI, MN 55040

SBA Loan Lender

1ST NATIONAL BANK - MILACA
MAIN ST & 3RD
ISLE, MN 56342

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.

SIC Code

5046 - Commercial Equipment

NAICS Code

421440 - Commercial Equipment Wholesalers

Loan Approval Date

6/13/2002

Loan Approval Gross Amount

$58,200

Loan Approval from the SBA

Of the total $58,200 loan amount, the SBA guaranteed $49,470.

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 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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.

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