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Biz2Credit Advisor
Biotest Laboratories is a Brooklyn Park-based med-tech company. It is an example of how SBA guaranteed loans and similar financing can help create jobs. Biotest Laboratories procured financing for $6 million to purchase and renovate 75,000-square-foot facility at Brooklyn Park.
Financing of $2.9 million came from Chaska-based KleinBank and $2.3 million came as SBA guaranteed loan through Central Minnesota Development Co. Biotest also received $300,000 from Brooklyn Park’s Development Corporation. Now, after two years of operation, Biotest has 33 new employees out of the 71 permanent staff members. The employees are earning $45,240 a year on an average. The company is planning to hire 15 new employees and this is to keep the 2.5 interest rate intact.
Marie Johns, SBA Deputy Administrator, is planning to pay a visit to Biotest to further exemplify what SBA lending can accomplish for Small Business owners. Post recession the SBA has been guaranteeing loans and banks further increased capital based on the SBA guarantee. U.S. Small Business Jobs Act also helped to maximize SBA-backed 7(a) and 504 loans size from $2 million to $5 million.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to info@biz2credit.com
TAGS 504 loans, Biotest Laboratories, Brooklyn Park, Brooklyn Park’s Development Corporation, Central Minnesota Development Co, Chaska-based KleinBank, Marie Johns, Med-tech Company, SBA Deputy Administrator, SBA Guarantee, SBA guaranteed loan, SBA lending, SBA-backed 7(a) loans, SBA-guaranteed loans, small business owners, U.S. Small Business Jobs Act
CATEGORIES SBA loans
