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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 > Specialized Design Services Loan | ||||
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Business Loan from Park Midway Bank
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SBA Loan from Park Midway Bank Helps Specialized Design Services CompanyAn SBA loan from Park Midway Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a St. Paul, Minnesota business owner got a $55,000 loan. Getting a small business loan in St. Paul, Minnesota was an essential business goal for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Park Midway Bank, operating out of Saint Paul, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: SPECIALIZED DESIGN SERVICES SBA Loan Lender PARK MIDWAY BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541490 - Specialized Design Services Loan Approval Date 8/8/2003 Loan Approval Gross Amount $55,000 Loan Approval from the SBA Of the total $55,000 loan amount, the SBA guaranteed $46,750. 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 32 employees. The loan application indicated that the loan would help retain 32 existing jobs. Start the Process for Getting an SBA Loan Today! 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: The Friends and Family Network Good Banks for Small Business in Saint Paul, Minnesota
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