How to Get a Loan for Farm Machinery and Equipment Manufacturing

Looking for SBA loans for farm machinery and equipment manufacturing? The SBA may be the answer. This $500,000 farm machinery and equipment manufacturing loan was issued by a North Dakota bank.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Wells Fargo Bank, out of Grand Forks, North Dakota. The loan was granted and they received $500,000 to help grow their East Grand Forks, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FARM MACHINERY AND EQUIPMENT MANUFACTURING
EAST GRAND FORKS, MN 56721

SBA Loan Lender

WELLS FARGO BANK
33 S 3RD ST, STE E
GRAND FORKS, ND 58201

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333111 - Farm Machinery and Equipment Manufacturing

Loan Approval Date

2/2/2005

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $450,000.

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 4 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Wells Fargo Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

SBIR Funding

Good Banks for Small Business in Grand Forks, North Dakota

Getting a Business Loan in North Dakota