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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Redwood Falls, Business Loans > Hometown Bank Redwood Falls Business Loans > Specialty Trade Contractors Loan | ||||
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Minnesota Bank SBA Loans
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SBA Loan from Hometown Bank Helps Specialty Trade Contractors CompanyAn SBA loan from Hometown Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Le Sueur, Minnesota business owner got a $85,000 loan. This business knew how to go about getting a business bank loan. Based in Le Sueur, Minnesota, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Hometown Bank, based in Redwood Falls, Minnesota. SBA Loan Borrower COMPANY TYPE: SPECIALTY TRADE CONTRACTORS SBA Loan Lender HOMETOWN BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 238990 - Specialty Trade Contractors Loan Approval Date 3/31/2004 Loan Approval Gross Amount $85,000 Loan Approval from the SBA Of the total $85,000 loan amount, the SBA guaranteed $42,500. 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 SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 1 existing job. Getting an SBA Loan For Your Business 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. Related Links: Raising VC Money for Social Networking Companies Small Bank Loans in Redwood Falls, Minnesota
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