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November 21, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Edina, Business Loans > Fidelity Bank Edina Business Loans > Nonupholstered Wood Household Furniture Manufacturing Loan | ||||
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SBA 7A Banks for Minneapolis, Minnesota Entrepreneurs
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Get an SBA Loan for Nonupholstered Wood Household Furniture ManufacturingLooking for small business loans for nonupholstered wood household furniture manufacturing? The SBA may be the answer. This $130,000 nonupholstered wood household furniture manufacturing loan was issued by a Minnesota bank. This company knew how to go about getting a business bank loan. Based in Minneapolis, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Fidelity Bank, based in Edina, Minnesota. SBA Loan Borrower COMPANY TYPE: NONUPHOLSTERED WOOD HOUSEHOLD FURNITURE MANUFACTURING SBA Loan Lender FIDELITY BANK This lender issued this particular SBA small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 337122 - Nonupholstered Wood Household Furniture Manufacturing Loan Approval Date 8/29/2003 Loan Approval Gross Amount $130,000 Loan Approval from the SBA Of the total $130,000 loan amount, the SBA guaranteed $110,500. 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 5 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide money to small business owners for working capital for other expenses. 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:
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