Bellingham, Minnesota Bank Lends Money to Site Preparation Contractors Company in Madison, Minnesota

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

Applying for an SBA loan with State Bank Of Bellingham worked out well for our friends at one local business in Madison, Minnesota. The business was able to get an SBA loan for $310,100. Awesome!

SBA Loan Borrower

COMPANY TYPE: SITE PREPARATION CONTRACTORS
MADISON, MN 56256

SBA Loan Lender

STATE BANK OF BELLINGHAM
201 MAIN AVE
BELLINGHAM, MN 56212

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

238910 - Site Preparation Contractors

Loan Approval Date

1/5/2004

Loan Approval Gross Amount

$310,100

Loan Approval from the SBA

Of the total $310,100 loan amount, the SBA guaranteed $232,575.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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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