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December 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Kasson, Business Loans > Eastwood Bank Kasson Business Loans > Air-Conditioning And Warm Air Heating Equipment Loan | ||||
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Minnesota Small Business Funding
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Air-Conditioning and Warm Air Heating Equipment Commercial LoansWith these commercial loans for air-conditioning and warm air heating equipment, the SBA guarantees the lender that the loan will be repaid. This air-conditioning and warm air heating equipment loan for $165,000 was given to a Minnesota entrepreneur in 2006. Getting a small business loan in Pine Island, Minnesota was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Eastwood Bank, operating out of Kasson, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: AIR-CONDITIONING AND WARM AIR HEATING EQUIPMENT SBA Loan Lender EASTWOOD BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 333415 - Air-Conditioning and Warm Air Heating Equipment Loan Approval Date 3/23/2006 Loan Approval Gross Amount $165,000 Loan Approval from the SBA Of the total $165,000 loan amount, the SBA guaranteed $82,500. 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 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 3 existing jobs. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Obtaining Funding - How to Borrow Money SBA Approved Banks in Kasson, Minnesota
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