Getting an SBA Loan for Farm Product Warehousing and Storage

Looking for commercial loans for farm product warehousing and storage? Try the SBA. This $450,000 farm product warehousing and storage loan was issued by a Minnesota bank.

This business knew how to go about getting a business bank loan. Based in Amiret, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Minnwest Bank South, based in Tracy, Minnesota.

SBA Loan Borrower

COMPANY TYPE: FARM PRODUCT WAREHOUSING AND STORAGE
AMIRET, MN 56175

SBA Loan Lender

MINNWEST BANK SOUTH
250 3RD ST
TRACY, MN 56175

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

493130 - Farm Product Warehousing and Storage

Loan Approval Date

10/31/2005

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Minnwest Bank South that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Understanding Dilution

Small Business Banks in Tracy, Minnesota

Getting a Business Loan in Minnesota