How to Get a Loan for Roasted Nuts and Peanut Butter Manufacturing

With these commercial loans for roasted nuts and peanut butter manufacturing, the SBA guarantees the lender that the loan will be repaid. This roasted nuts and peanut butter manufacturing loan for $150,000 was given to a Minnesota entrepreneur in 2001.

This small business knew how to go about getting a business bank loan. Based in East Grand Forks, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Community Bank - Red River Valle, based in East Grand Forks, Minnesota.

SBA Loan Borrower

COMPANY TYPE: ROASTED NUTS AND PEANUT BUTTER MANUFACTURING
EAST GRAND FORKS, MN 56721

SBA Loan Lender

COMMUNITY BANK - RED RIVER VALLE
1413 CENTRAL AVE NW
EAST GRAND FORKS, MN 56721

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

311911 - Roasted Nuts and Peanut Butter Manufacturing

Loan Approval Date

5/3/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 20 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Community Bank - Red River Valle 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:

Debt Financing

SBA Participating Banks in East Grand Forks, Minnesota

Minnesota SBA Bank Lenders