Bank Loans for Machine Shops

Looking for bank loans for machine shops? Talk to a banker who works with the SBA. This $350,000 machine shops loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Blaine, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2008. The lending bank was First Federal Savings Bank, based in Baxter, Minnesota.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
Blaine, MN 55449

SBA Loan Lender

FIRST FEDERAL SAVINGS BANK
14091 BAXTER DR, STE 117
BAXTER, MN 56425

This SBA loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

332710 - Machine Shops

Loan Approval Date

1/3/2008

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $175,000.

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 12 employees. This SBA loan request indicated that the loan would help generate 6 new jobs and retain 6 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Federal Savings Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

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SBA Participating Banks in Baxter, Minnesota

Getting an SBA Loan in Minnesota