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November 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > American Bank Of St. Paul Saint Paul Business Loans > Sporting Goods Stores Loan | ||||
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American Bank Of St. Paul
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Business Loan from American Bank Of St. Paul Given to Sporting Goods Stores CompanyAmerican Bank Of St. Paul and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. Getting a small business loan in Roseville, Minnesota was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from American Bank Of St. Paul, operating out of Saint Paul, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SPORTING GOODS STORES SBA Loan Lender AMERICAN BANK OF ST. PAUL This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 451110 - Sporting Goods Stores Loan Approval Date 3/11/2004 Loan Approval Gross Amount $750,000 Loan Approval from the SBA Of the total $750,000 loan amount, the SBA guaranteed $562,500. 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 7 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: Who Lends Money to Small Businesses in Saint Paul, Minnesota Where to Get an SBA Loan Minnesota
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