Raising Money for Machine Shops

With these bank loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $415,000 was given to a Minnesota entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Circle Pines, Minnesota was able to borrow $415,000 from Park Midway Bank. The SBA made the loan possible by guaranteeing $251,838 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
CIRCLE PINES, MN 55014

SBA Loan Lender

PARK MIDWAY BANK
2300 COMO AVE
SAINT PAUL, MN 55108

This lender provides SBA guaranteed bank loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

12/3/2007

Loan Approval Gross Amount

$415,000

Loan Approval from the SBA

Of the total $415,000 loan amount, the SBA guaranteed $251,838.

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 15 employees. The SBA loan application for the borrower indicated that the loan would help retain 15 existing jobs.

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

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Park Midway Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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 Lenders in Minnesota