SBA Loan from Anchor Bank Farmington Helps Textile Product Mills Company

Anchor Bank Farmington and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Burnsville, Minnesota was able to borrow $150,000 from Anchor Bank Farmington. The SBA made the loan possible by guaranteeing $127,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: TEXTILE PRODUCT MILLS
BURNSVILLE, MN 55337

SBA Loan Lender

ANCHOR BANK FARMINGTON
324 OAK ST
FARMINGTON, MN 55024

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.

NAICS Code

314999 - Textile Product Mills

Loan Approval Date

4/28/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 6 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Burnsville MN, you ought to talk with a local Burnsville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Burnsville businesses.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Advice on Getting a Small Business Loan

SBA Approved Banks in Farmington, Minnesota

Getting an SBA Loan in Minnesota