Financing for Hydroelectric Power Generation

With these loans for hydroelectric power generation, the SBA guarantees the lender that the loan will be repaid. This hydroelectric power generation loan for $138,000 was given to a Minnesota entrepreneur in 2004.

Getting a small business loan in St. Louis Park, Minnesota was important for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Central Bank, operating out of Eden Prairie, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HYDROELECTRIC POWER GENERATION
ST. LOUIS PARK, MN 55416

SBA Loan Lender

CENTRAL BANK
6640 SHADY OAK RD
EDEN PRAIRIE, MN 55344

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

221111 - Hydroelectric Power Generation

Loan Approval Date

7/6/2004

Loan Approval Gross Amount

$138,000

Loan Approval from the SBA

Of the total $138,000 loan amount, the SBA guaranteed $117,300.

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 10 employees. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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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