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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Jewelry, Watch, Precious Stone, And Precious Metal Merchant Wholesalers Loan | ||||
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Who Can Get a Business Loan in Plymouth, Minnesota?
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Financing for Jewelry, Watch, Precious Stone, and Precious Metal Merchant WholesalersLooking for loans for jewelry, watch, precious stone, and precious metal merchant wholesalers? Try the SBA. This $267,600 jewelry, watch, precious stone, and precious metal merchant wholesalers loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Plymouth, Minnesota was able to borrow $267,600 from Park Midway Bank. The SBA made the loan possible by guaranteeing $200,700 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: JEWELRY, WATCH, PRECIOUS STONE, AND PRECIOUS METAL MERCHANT WHOLESALERS SBA Loan Lender PARK MIDWAY BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 423940 - Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers Loan Approval Date 12/23/2005 Loan Approval Gross Amount $267,600 Loan Approval from the SBA Of the total $267,600 loan amount, the SBA guaranteed $200,700. 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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Park Midway Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Dealing With Venture Capitalists SBA 7A Banks for Saint Paul, Minnesota Loans
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