Thief River Falls, Minnesota Business Gets SBA-Guaranteed Funding from Unity Bank North

Unity Bank North has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Thief River Falls, Minnesota was able to borrow $1,800,000 from Unity Bank North. The SBA made the loan possible by guaranteeing $999,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: FUNERAL HOMES AND FUNERAL SERVICES
THIEF RIVER FALLS, MN 56701

SBA Loan Lender

UNITY BANK NORTH
210 MAIN ST
RED LAKE FALLS, MN 56750

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812210 - Funeral Homes and Funeral Services

Loan Approval Date

4/26/2002

Loan Approval Gross Amount

$1,800,000

Loan Approval from the SBA

Of the total $1,800,000 loan amount, the SBA guaranteed $999,000.

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 5 employees. The SBA loan documents did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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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