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November 15, 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 > Plumbing, Heating, And Air-Conditioning Loan | ||||
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MN Business Loans from Lake Community Bank
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Lake Community Bank SBA Loan to Plumbing, Heating, And Air-Conditioning 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 Plymouth, Minnesota business owner got a $110,000 loan. Getting a small business loan in Plymouth, Minnesota was an essential business goal for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Lake Community Bank, operating out of Long Lake, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING SBA Loan Lender LAKE COMMUNITY BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1711 - Plumbing, Heating, and Air-Conditioning NAICS Code 235110 - Plumbing, Heating, and Air Conditioning Contractors Loan Approval Date 7/26/2001 Loan Approval Gross Amount $110,000 Loan Approval from the SBA Of the total $110,000 loan amount, the SBA guaranteed $93,500. 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 8 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Best Banks for Small Business in Long Lake, Minnesota
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