Minnesota Small Business Loan Issued to Rubber Product Manufacturing For Mechanical Use Company

Searching for a Minnesota bank loan? This Minnesota entrepreneur got a bank loan, provided by a Minnesota bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Babbitt, Minnesota by studying this loan to a local company, made back in 2002. Banks like American Bank Of The North may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: RUBBER PRODUCT MANUFACTURING FOR MECHANICAL USE
BABBITT, MN 55706

SBA Loan Lender

AMERICAN BANK OF THE NORTH
117 CENTRAL AVE
NASHWAUK, MN 55769

The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

326291 - Rubber Product Manufacturing for Mechanical Use

Loan Approval Date

12/30/2002

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

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 10 employees. The SBA loan application for the borrower indicated that the loan would help retain 10 existing jobs.

Getting an SBA Loan For Your Business

If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $75,000 loan. Remember, feel the fear, and do it anyway.

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:

Small Business Credit Cards

Small Business Banks in Nashwauk, Minnesota

Getting an SBA Loan in Minnesota