Getting an SBA Loan for Commercial and Industrial Machinery and Equipment

Looking for commercial loans for commercial and industrial machinery and equipment? Talk to a banker who works with the SBA. This $120,000 commercial and industrial machinery and equipment loan was issued by a Minnesota bank.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with 1st National Bank - Elk River, out of Rogers, Minnesota. The loan was granted and they received $120,000 to help grow their Blaine, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: SPECIAL TRADE CONTRACTORS
BLAINE, MN 55449

SBA Loan Lender

1ST NATIONAL BANK - ELK RIVER
14115 JAMES RD, STE 300
ROGERS, MN 55374

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1799 - Special Trade Contractors

NAICS Code

811310 - Commercial and Industrial Machinery and Equipment

Loan Approval Date

7/23/2001

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

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 6 employees. The loan application did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Borrowing Money from Friends and Family

Small Business Banks in Rogers, Minnesota

Getting a Business Loan in Minnesota