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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > General Line Grocery Wholesalers Loan | ||||
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Banks That Lend to Minnesota Businesses
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Park Midway Bank Gives Business Loan to General Line Grocery Wholesalers CompanySBA loans in Minnesota are hard to find these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA. You can learn something about getting a small business loan in St Paul, Minnesota by studying this loan to a local business, made back in 2001. Banks like Park Midway Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL LINE GROCERY WHOLESALERS SBA Loan Lender PARK MIDWAY BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 422410 - General Line Grocery Wholesalers Loan Approval Date 12/31/2001 Loan Approval Gross Amount $512,000 Loan Approval from the SBA Of the total $512,000 loan amount, the SBA guaranteed $384,000. 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 31 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your 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. 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: Family and Friend Investors - Your First Financiers SBA 7A Banks for Saint Paul, Minnesota Loans
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