Lake Elmo, Minnesota Bank Gives SBA Loan to Residential Electric Lighting Fixtures Company

Get to know Lake Elmo, Minnesota banks that specialize in small business loans and know how to work with entrepreneurs. Lake Elmo Bank is one such bank, as evidenced by this SBA loan to a growing company.

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

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL ELECTRIC LIGHTING FIXTURES
STILLWATER, MN 55082

SBA Loan Lender

LAKE ELMO BANK
11465 39TH ST NORTH
LAKE ELMO, MN 55042

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.

SIC Code

3645 - Residential Electric Lighting Fixtures

NAICS Code

335121 - Residential Electric Lighting Fixture Manufacturing

Loan Approval Date

12/4/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

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 3 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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:

The Friends and Family Network

SBA Approved Banks in Lake Elmo, Minnesota

Getting an SBA Loan in Minnesota