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December 22, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Fosston, Business Loans > American Federal Bank Fosston Business Loans > Mechanical Power Transmission Equipment Manufacturing Loan | ||||
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Fosston SBA Lenders
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Fosston, Minnesota Bank Gives SBA Loan to Mechanical Power Transmission Equipment Manufacturing CompanyA Fosston, Minnesota business loan can be yours. Learn how a business got a $241,000 business loan from this Minnesota bank. This loan to a local firm is a good example of an SBA loan. American Federal Bank made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: MECHANICAL POWER TRANSMISSION EQUIPMENT MANUFACTURING SBA Loan Lender AMERICAN FEDERAL BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333613 - Mechanical Power Transmission Equipment Manufacturing Loan Approval Date 1/24/2007 Loan Approval Gross Amount $241,000 Loan Approval from the SBA Of the total $241,000 loan amount, the SBA guaranteed $180,750. 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 15 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. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like American Federal Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Accountant's Role in Securing Financing Find an SBA Lender in Minnesota
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