# PPP loan: SCHERMER INC.
> **$477K** approved 04/08/2020 · Paid in Full · Loan `7817917003`
## Borrower
- **Name:** SCHERMER INC.
- **Address:** 12 NORTH 12TH ST, SUITE 400, MINNEAPOLIS, MN, 55403-1331
- **NAICS:** 541810
- **Business type:** Corporation
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $477K
- **Initial approval:** $477K
- **Forgiven:** $481K (101%)
- **Forgiveness date:** 03/05/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $450K
- **Rent:** $25K
- **Mortgage interest:** $2K
- **Jobs reported:** 21
## Lender
- **Originating:** BNC National Bank
- **Servicing:** Loan Source Incorporated (NY)
---
*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*