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December 18, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Prior Lake, Business Loans > Prior Lake State Bank Prior Lake Business Loans > Fitness And Recreational Sports Centers Loan | ||||
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What Does It Take to Get a Business Loan in Prior Lake, Minnesota?
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Fitness and Recreational Sports Centers Bank LoansLooking for bank loans for fitness and recreational sports centers? The SBA may be the answer. This $300,000 fitness and recreational sports centers loan was issued by a Minnesota bank. This company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Prior Lake State Bank, out of Prior Lake, Minnesota. The loan was granted and they received $300,000 to help grow their Prior Lake, Minnesota business. SBA Loan Borrower COMPANY TYPE: FITNESS AND RECREATIONAL SPORTS CENTERS SBA Loan Lender PRIOR LAKE STATE 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 713940 - Fitness and Recreational Sports Centers Loan Approval Date 8/9/2006 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $150,000. More Information on This SBA Loan The borrower borrowed this money for a new 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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: SBA 7A Banks in Prior Lake, Minnesota
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