Entrepreneur Works With Wayzata, Minnesota Bank to Get an SBA Loan

Thinking about meeting with a Wayzata, Minnesota bank about an SBA loan? Here's one Minnesota business loan, issued by a Wayzata bank, that was approved by the SBA.

Applying for an SBA loan with Anchor Bank worked out well for our friends at one local company in Lakeville, Minnesota. They received an SBA loan for $226,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: PERSONAL CARE SERVICES
LAKEVILLE, MN 55044

SBA Loan Lender

ANCHOR BANK
1055 E WAYZATA BLVD EAST
WAYZATA, MN 55391

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812199 - Personal Care Services

Loan Approval Date

7/8/2004

Loan Approval Gross Amount

$226,000

Loan Approval from the SBA

Of the total $226,000 loan amount, the SBA guaranteed $169,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 1 existing job.

Getting an SBA Loan For Your Business

If you need business start up money in Lakeville MN, you ought to talk with a local Lakeville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lakeville 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.

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