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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Lake Elmo, Business Loans > Lake Elmo Bank Lake Elmo Business Loans > Medical, Dental And Hospital Equipment Loan | ||||
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Minnesota SBA Loans from Lake Elmo Bank
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Maplewood, Minnesota Business Gets SBA-Guaranteed Funding from Lake Elmo BankLake Elmo Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans. Getting a small business loan in Maplewood, Minnesota was an essential business goal for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Lake Elmo Bank, operating out of Lake Elmo, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MEDICAL, DENTAL AND HOSPITAL EQUIPMENT SBA Loan Lender LAKE ELMO BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5047 - Medical, Dental and Hospital Equipment NAICS Code 446199 - Health and Personal Care Stores Loan Approval Date 6/27/2001 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. More Information on This SBA Loan The borrower borrowed this money for a new 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 planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started. 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:
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