Andover, Minnesota Bank Lends Money to Site Preparation Contractors Company in Stanchfield, Minnesota

Find Andover, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. 1st Regents Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Stanchfield, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from 1st Regents Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: SITE PREPARATION CONTRACTORS
STANCHFIELD, MN 55080

SBA Loan Lender

1ST REGENTS BANK
1777 BUNKER LAKE BLVD NW
ANDOVER, MN 55304

This 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

238910 - Site Preparation Contractors

Loan Approval Date

1/14/2004

Loan Approval Gross Amount

$591,000

Loan Approval from the SBA

Of the total $591,000 loan amount, the SBA guaranteed $443,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

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

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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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