Engineering Services Small Business Loans
With these small business loans for engineering services, the SBA guarantees the lender that the loan will be repaid. This engineering services loan for $50,000 was given to a Minnesota entrepreneur in 2001.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Minnepolis, Minnesota was able to borrow $50,000 from Western Bank. The SBA made the loan possible by guaranteeing $42,500 of this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: ENGINEERING SERVICES
MINNEPOLIS, MN 55401
SBA Loan Lender
WESTERN BANK
3033 UNIVERSITY AVE
MINNEAPOLIS, MN 55414
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
8711 - Engineering Services
NAICS Code
541330 - Engineering Services
Loan Approval Date
5/7/2001
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $42,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 16 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Western Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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Small Business Banks in Minneapolis, Minnesota
SBA Lenders in Minnesota