Loans for Commercial and Institutional Building Construction

With these loans for commercial and institutional building construction, the SBA guarantees the lender that the loan will be repaid. This commercial and institutional building construction loan for $2,000,000 was given to a Minnesota entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lakeville, Minnesota was able to borrow $2,000,000 from Venture Bank. The SBA made the loan possible by guaranteeing $1,140,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INSTITUTIONAL BUILDING CONSTRUCTION
LAKEVILLE, MN 55044

SBA Loan Lender

VENTURE BANK
5601 GREEN VALLEY DR, STE 120
BLOOMINGTON, MN 55437

This lender provides SBA bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

236220 - Commercial and Institutional Building Construction

Loan Approval Date

8/13/2007

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,140,000.

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 165 employees. The SBA loan application for the borrower indicated that the loan would help retain 165 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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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