Getting an SBA Loan for Machine Shops

Looking for commercial loans for machine shops? Talk to a banker who works with the SBA. This $550,000 machine shops loan was issued by a Minnesota bank.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Community Pride Bank, out of Isanti, Minnesota. The loan was granted and they received $550,000 to help grow their Coon Rapids, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
COON RAPIDS, MN 55448

SBA Loan Lender

COMMUNITY PRIDE BANK
901 NICKLAUS COURT
ISANTI, MN 55040

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide bank 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.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

6/7/2001

Loan Approval Gross Amount

$550,000

Loan Approval from the SBA

Of the total $550,000 loan amount, the SBA guaranteed $412,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

We can help you find the best banks for small businesses in Coon Rapids or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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Getting an SBA Loan for Machine Shops