American Bank Of The North Gives Small Business Loan to Heavy And Civil Engineering Construction Company

Searching for a Minnesota SBA loan? This Minnesota entrepreneur got an SBA loan, provided by a Minnesota bank that works with the SBA to help small business owners.

Getting a small business loan in Ely, Minnesota was a top priority for this particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from American Bank Of The North. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HEAVY AND CIVIL ENGINEERING CONSTRUCTION
ELY, MN 55731

SBA Loan Lender

AMERICAN BANK OF THE NORTH
117 CENTRAL AVE
NASHWAUK, MN 55769

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

237990 - Heavy and Civil Engineering Construction

Loan Approval Date

4/14/2004

Loan Approval Gross Amount

$38,000

Loan Approval from the SBA

Of the total $38,000 loan amount, the SBA guaranteed $19,000.

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 5 employees. The SBA loan documents indicated that the loan would help retain 5 existing jobs.

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

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Bank Of The North had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Bank Of The North made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Getting a Small Business Loan

SBA Participating Banks in Nashwauk, Minnesota

Minnesota SBA Bank Lenders