Blooming Prairie, Minnesota Business Gets SBA-Guaranteed Funding from Farmers & Merchants St. Bank B

Farmers & Merchants St. Bank B is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

This business received financial assistance through the SBA's lending programs back in 2008. They applied for an SBA loan with Farmers & Merchants St. Bank B, out of Bloomfield, Nebraska. The loan was granted and they received $75,000 to help grow their Blooming Prairie, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: METAL COATING, ENGRAVING AND ALLIED SERVICES
BLOOMING PRAIRIE, MN 55917

SBA Loan Lender

FARMERS & MERCHANTS ST. BANK B
103 N BROADWAY
BLOOMFIELD, NE 68718

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332812 - Metal Coating, Engraving and Allied Services

Loan Approval Date

1/9/2008

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

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 8 employees. The SBA loan documents indicated that the loan would help retain 8 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.

This SBA loan was for $75,000. How would you spend $75,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Role of Business Plan When Raising Money

Small Business Banks in Bloomfield, Nebraska

Nebraska SBA Bank Lenders