Alexandria, Minnesota Business Gets SBA-Guaranteed Funding from First State Bank Of Alexandria

First State Bank Of Alexandria and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level.

This business knew how to go about getting a business bank loan. Based in Alexandria, Minnesota, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was First State Bank Of Alexandria, based in Alexandria, Minnesota.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
ALEXANDRIA, MN 56308

SBA Loan Lender

FIRST STATE BANK OF ALEXANDRIA
3313 HWY 29 SOUTH
ALEXANDRIA, MN 56308

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

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

5/10/2002

Loan Approval Gross Amount

$742,000

Loan Approval from the SBA

Of the total $742,000 loan amount, the SBA guaranteed $556,500.

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 61 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This SBA loan was for $742,000. How would you spend $742,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

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Where to Get an SBA Loan in Alexandria, Minnesota

Minnesota SBA Banks