Getting an SBA Loan for Mining Machinery and Equipment Manufacturing

With these business loans for mining machinery and equipment manufacturing, the SBA guarantees the lender that the loan will be repaid. This mining machinery and equipment manufacturing loan for $50,000 was given to a Montana entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Belgrade, Montana was able to borrow $50,000 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $37,500 of this Montana small business loan.

SBA Loan Borrower

COMPANY TYPE: MINING MACHINERY AND EQUIPMENT MANUFACTURING
BELGRADE, MT 59714

SBA Loan Lender

WELLS FARGO BANK
211 W MAIN ST
BOZEMAN, MT 59715

This commercial loan was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending background and a thorough understanding of SBA loan requirements.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333131 - Mining Machinery and Equipment Manufacturing

Loan Approval Date

8/19/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $37,500.

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 24 employees. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Belgrade MT, you ought to talk with a local Belgrade SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Belgrade businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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