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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Grand Rapids, Business Loans > American Bank Of The North Grand Rapids Business Loans > Excavation Work Loan | ||||
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Ely, Minnesota Bank Loan
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Excavation Contractors LoansLooking for loans for excavation contractors? An SBA loan may be just what you've been looking for. This $60,000 excavation contractors loan was issued by a Minnesota bank. This small firm knew how to go about getting a business bank loan. Based in Ely, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was American Bank Of The North, based in Grand Rapids, Minnesota. SBA Loan Borrower COMPANY TYPE: EXCAVATION WORK SBA Loan Lender AMERICAN BANK OF THE NORTH 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. SIC Code 1794 - Excavation Work NAICS Code 235930 - Excavation Contractors Loan Approval Date 11/24/2003 Loan Approval Gross Amount $60,000 Loan Approval from the SBA Of the total $60,000 loan amount, the SBA guaranteed $51,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the company planned to use the funding to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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 American Bank Of The North 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: Microlending as a Small Business Funding Source SBA Participating Banks in Grand Rapids, Minnesota
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