Nashwauk, Minnesota Bank Gives SBA Loan to Rubber Product Manufacturing Company

Get SBA loans from a Nashwauk, Minnesota bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too.

American Bank Of The North is a Nashwauk, Minnesota small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Minnesota company.

SBA Loan Borrower

COMPANY TYPE: RUBBER PRODUCT MANUFACTURING
BABBITT, MN 55706

SBA Loan Lender

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

This lender provides SBA small business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

326299 - Rubber Product Manufacturing

Loan Approval Date

12/12/2005

Loan Approval Gross Amount

$135,000

Loan Approval from the SBA

Of the total $135,000 loan amount, the SBA guaranteed $101,250.

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 11 employees. The SBA loan application for the borrower indicated that the loan would help retain 11 existing jobs.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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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