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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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Minnesota Business Loan from American Federal Bank
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SBA Loan from American Federal Bank Helps Mechanical Power Transmission Equipment Manufacturing CompanyAmerican Federal Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. This business knew how to go about getting a business bank loan. Based in Erskine, Minnesota, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was American Federal Bank, based in Fosston, Minnesota. SBA Loan Borrower COMPANY TYPE: MECHANICAL POWER TRANSMISSION EQUIPMENT MANUFACTURING SBA Loan Lender AMERICAN FEDERAL BANK This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333613 - Mechanical Power Transmission Equipment Manufacturing Loan Approval Date 4/19/2006 Loan Approval Gross Amount $215,000 Loan Approval from the SBA Of the total $215,000 loan amount, the SBA guaranteed $161,250. 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 12 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding. This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer 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: Small Business Banks in Fosston, Minnesota Browse All Business Loan Sources for Minnesota
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