Raising Money for Motor and Generator Manufacturing

With these bank loans for motor and generator manufacturing, the SBA guarantees the lender that the loan will be repaid. This motor and generator manufacturing loan for $90,800 was given to a Minnesota entrepreneur in 2002.

This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Heritage Bank, out of Spicer, Minnesota. The loan was granted and they received $90,800 to help grow their Darwin, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: MOTOR AND GENERATOR MANUFACTURING
DARWIN, MN 55324

SBA Loan Lender

HERITAGE BANK
110 SOUTH ST WEST
SPICER, MN 56288

This lender provides SBA 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

335312 - Motor and Generator Manufacturing

Loan Approval Date

2/28/2002

Loan Approval Gross Amount

$90,800

Loan Approval from the SBA

Of the total $90,800 loan amount, the SBA guaranteed $77,180.

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 3 employees. The loan application indicated that the loan would help retain 3 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer 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:

Attracting Investors

Good Banks for Small Business in Spicer, Minnesota

Getting an SBA Loan in Minnesota