Minnesota SBA Loan Issued to Industrial And Commercial Machinery And Equipment Company

SBA loans in Minnesota are are few and far betweeen these days. We take a look at one Minnesota SBA loan, provided by a Minnesota bank, that was approved by the SBA.

You can learn something about getting a small business loan in Blooming Prairie, Minnesota by studying this loan to a local business, made back in 2001. Banks like Farmers & Merchants St. Bank - B may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
BLOOMING PRAIRIE, MN 55917

SBA Loan Lender

FARMERS & MERCHANTS ST. BANK - B
245 E MAIN
BLOOMING PRAIRIE, MN 55917

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

1/16/2001

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $17,000.

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 3 employees. The SBA loan documents did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

We can help you find the best banks for small businesses in Blooming Prairie or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Family and Friend Investors - Your First Financiers

SBA Banks in Blooming Prairie, Minnesota

Getting an SBA Loan in Minnesota