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December 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Long Lake, Business Loans > Lake Community Bank Long Lake Business Loans > Marinas Loan | ||||
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Lake Community Bank SBA Loan
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Lake Community Bank SBA Loan to Marinas CompanyAn SBA loan from Lake Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Mound, Minnesota business owner got a $150,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mound, Minnesota was able to borrow $150,000 from Lake Community Bank. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MARINAS SBA Loan Lender LAKE COMMUNITY BANK This lender issued this particular loan for a small business 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. SIC Code 4493 - Marinas NAICS Code 713930 - Marinas Loan Approval Date 11/23/2001 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 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 17 employees. This SBA loan request did not indicate that the small business promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Lake Community Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Lake Community Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Who Lends Money to Small Businesses in Long Lake, Minnesota Getting an SBA Loan in Minnesota
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