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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Michael, Business Loans > Highland Bank Saint Michael Business Loans > Commercial And Industrial Machinery And Equipment Loan | ||||
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What Does It Take to Get a Business Loan in Bloomington, Minnesota?
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Borrowing Money for Commercial and Industrial Machinery and EquipmentWith these bank loans for commercial and industrial machinery and equipment, the SBA guarantees the lender that the loan will be repaid. This commercial and industrial machinery and equipment loan for $100,000 was given to a Minnesota entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bloomington, Minnesota was able to borrow $100,000 from Highland Bank. The SBA made the loan possible by guaranteeing $50,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT SBA Loan Lender HIGHLAND BANK This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 811310 - Commercial and Industrial Machinery and Equipment Loan Approval Date 4/9/2004 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. 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 9 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 11 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Small Business Banks in Saint Michael, Minnesota Where to Get an SBA Loan Minnesota
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