Pine City, Minnesota Bank Gives SBA Loan to Offices And Clinics Of Dentists Company

Want to talk with a Pine City, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Pine City bank, that was approved by the SBA.

Applying for an SBA loan with Northwoods Bank Of Minnesota worked out well for our friends at one local firm in Pine City, Minnesota. The business was able to get an SBA loan for $37,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: OFFICES AND CLINICS OF DENTISTS
PINE CITY, MN 55063

SBA Loan Lender

NORTHWOODS BANK OF MINNESOTA
1015 HILLSIDE AVE SW
PINE CITY, MN 55063

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8021 - Offices and Clinics of Dentists

NAICS Code

621210 - Dentists

Loan Approval Date

9/17/2001

Loan Approval Gross Amount

$37,000

Loan Approval from the SBA

Of the total $37,000 loan amount, the SBA guaranteed $31,450.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start a business or need money to grow a business, an SBA loan can be a great funding source

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.

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