Mountain Iron, Minnesota Bank Lends Money to Asphalt Paving Mixtures And Blocks Company in Angora, Minnesota

Get to know Mountain Iron, Minnesota banks that specialize in business loans and know how to work with entrepreneurs. American Bank Of The North is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Angora, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from American Bank Of The North. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: ASPHALT PAVING MIXTURES AND BLOCKS
ANGORA, MN 55703

SBA Loan Lender

AMERICAN BANK OF THE NORTH
8401 UNITY DR
MOUNTAIN IRON, MN 55792

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2951 - Asphalt Paving Mixtures and Blocks

NAICS Code

324121 - Asphalt Paving Mixture and Block Manufacturing

Loan Approval Date

5/21/2003

Loan Approval Gross Amount

$25,937

Loan Approval from the SBA

Of the total $25,937 loan amount, the SBA guaranteed $22,046.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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