Machine Shops SBA Loans

Looking for SBA loans for machine shops? Try the SBA. This $778,000 machine shops loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brooklyn Park, Minnesota was able to borrow $778,000 from The Business Bank. The SBA made the loan possible by guaranteeing $583,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
BROOKLYN PARK, MN 55445

SBA Loan Lender

THE BUSINESS BANK
11100 WAYZATA BLVD, STE 150
MINNETONKA, MN 55305

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

12/4/2001

Loan Approval Gross Amount

$778,000

Loan Approval from the SBA

Of the total $778,000 loan amount, the SBA guaranteed $583,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 20 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Business Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Business Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Obtaining Funding - Getting Venture Capital

SBA 7A Banks for Minnetonka, Minnesota Loans

Minnesota SBA Bank Lenders