Shakopee, Minnesota Entrepreneur Gets a Bank Loan

MinnesotaBank loans are available to Minnesota firms through the SBA. In this case, a Minnesota bank provides the loan.

Getting a small business loan in Shakopee, Minnesota was a top priority for this loan applicant back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Kleinbank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: ROOFING, SIDING, AND INSULATION MATERIAL MERCHANT WHOLESALERS
SHAKOPEE, MN 55379

SBA Loan Lender

KLEINBANK
304 N BROADWAY
CARVER, MN 55315

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

423330 - Roofing, Siding, and Insulation Material Merchant Wholesalers

Loan Approval Date

6/2/2004

Loan Approval Gross Amount

$850,000

Loan Approval from the SBA

Of the total $850,000 loan amount, the SBA guaranteed $425,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 40 employees. The SBA loan documents indicated that the loan would help generate 5 new jobs and retain 40 existing jobs.

Getting an SBA Loan For Your Business

If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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:

Getting a Small Business Loan

Where to Get an SBA Loan in Carver, Minnesota

Getting an SBA Loan in Minnesota