Excavation Contractors Business Loans

Looking for business loans for excavation contractors? The SBA may be the answer. This $1,072,000 excavation contractors loan was issued by a Minnesota bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Midwest Bank, out of Detroit Lakes, Minnesota. The loan was granted and they received $1,072,000 to help grow their Detroit Lakes, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION CONTRACTORS
DETROIT LAKES, MN 56501

SBA Loan Lender

MIDWEST BANK
613 HWY 10 EAST
DETROIT LAKES, MN 56502

This lender issued this bank loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235930 - Excavation Contractors

Loan Approval Date

3/12/2003

Loan Approval Gross Amount

$1,072,000

Loan Approval from the SBA

Of the total $1,072,000 loan amount, the SBA guaranteed $804,000.

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 42 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Midwest Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Angel Investors

SBA 7A Lenders in Detroit Lakes, Minnesota

Where to Get an SBA Loan Minnesota