Financing for Manufacturing and Industrial Building Construction

With these commercial loans for manufacturing and industrial building construction, the SBA guarantees the lender that the loan will be repaid. This manufacturing and industrial building construction loan for $180,000 was given to a Minnesota entrepreneur in 2002.

Getting a small business loan in Caledonia, Minnesota was important for this business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Merchants Bank, operating out of Caledonia, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MANUFACTURING AND INDUSTRIAL BUILDING CONSTRUCTION
CALEDONIA, MN 55921

SBA Loan Lender

MERCHANTS BANK
1 SPRAGUE SQ
CALEDONIA, MN 55921

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

233310 - Manufacturing and Industrial Building Construction

Loan Approval Date

12/4/2002

Loan Approval Gross Amount

$180,000

Loan Approval from the SBA

Of the total $180,000 loan amount, the SBA guaranteed $135,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 3 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

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