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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Vernon Center, Business Loans > Community Bank Vernon Center Vernon Center Business Loans > Sporting Goods Stores Loan | ||||
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Banks in Vernon Center, Minnesota That Make SBA Loans
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Vernon Center, Minnesota Lender Lends Money to Sporting Goods Stores CompanyWant to talk with a Vernon Center, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Vernon Center bank, that was approved by the SBA. Applying for an SBA loan with Community Bank Vernon Center worked out well for our friends at one local company in Mankato, Minnesota. They got an SBA loan for $75,600. Nice! SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES SBA Loan Lender COMMUNITY BANK VERNON CENTER This loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. 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 451110 - Sporting Goods Stores Loan Approval Date 11/3/2005 Loan Approval Gross Amount $75,600 Loan Approval from the SBA Of the total $75,600 loan amount, the SBA guaranteed $37,800. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower indicated that the loan would help retain 2 existing jobs. Next Steps for Getting an SBA Loan If you need money to start a small business or need money for an existing business, an SBA loan can be a great way to raise money 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: Best Vernon Center, Minnesota Banks for Small Business
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