Minneapolis, Minnesota Bank Lends Money to Toy And Hobby Goods And Supplies Merchant Wholesalers Company in St. Paul, Minnesota

Thinking about meeting with a Minneapolis, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Minneapolis bank, that was approved by the SBA.

Applying for an SBA loan with Eastbank worked out well for our friends at one local firm in St. Paul, Minnesota. The business was able to get an SBA loan for $77,000. Nice!

SBA Loan Borrower

COMPANY TYPE: TOY AND HOBBY GOODS AND SUPPLIES MERCHANT WHOLESALERS
ST. PAUL, MN 55117

SBA Loan Lender

EASTBANK
1413 FOURTH ST SE
MINNEAPOLIS, MN 55419

This commercial 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

423920 - Toy and Hobby Goods and Supplies Merchant Wholesalers

Loan Approval Date

9/7/2006

Loan Approval Gross Amount

$77,000

Loan Approval from the SBA

Of the total $77,000 loan amount, the SBA guaranteed $65,450.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you have been wondering how do i get money to start a business in St. Paul MN, you ought to talk with a local St. Paul SBA lender or talk with an out-of-area SBA lender that has previously loaned money to St. Paul businesses.

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:

Obtaining Funding - How to Decide How Much to Raise

SBA Participating Banks in Minneapolis, Minnesota

Getting a Business Loan in Minnesota