Saint Cloud, Minnesota Bank Lends Money to Gasoline Stations With Convenience Stores Company in Richfield, Minnesota
Thinking about meeting with a Saint Cloud, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Saint Cloud bank, that was approved by the SBA.
Applying for an SBA loan with Stearns Bank worked out well for our friends at one local company in Richfield, Minnesota. The business was able to get an SBA loan for $15,000. Nice!
SBA Loan Borrower
COMPANY TYPE: GASOLINE STATIONS WITH CONVENIENCE STORES
RICHFIELD, MN 55423
SBA Loan Lender
STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301
The lender provided this small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.
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
447110 - Gasoline Stations with Convenience Stores
Loan Approval Date
9/1/2005
Loan Approval Gross Amount
$15,000
Loan Approval from the SBA
Of the total $15,000 loan amount, the SBA guaranteed $7,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 10 employees. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
If you are wondering how to raise money for a business in Richfield MN, you ought to talk with a local Richfield SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Richfield businesses.
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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