Isanti, Minnesota Business Gets SBA-Guaranteed Funding from Landmark Commun Bank

Landmark Commun Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

This business knew how to go about getting a business bank loan. Based in Isanti, Minnesota, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Landmark Commun Bank, based in Ramsey, Minnesota.

SBA Loan Borrower

COMPANY TYPE: ROOFING, SIDING, AND SHEET METAL WORK
ISANTI, MN 55040

SBA Loan Lender

LANDMARK COMMUN BANK
14150 ST FRANCIS BLVD NW
RAMSEY, MN 55303

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

1761 - Roofing, Siding, and Sheet Metal Work

NAICS Code

235610 - Roofing, Siding, and Sheet Metal Contractors

Loan Approval Date

9/6/2000

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $93,750.

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 documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your 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.

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