Get an SBA Loan for Air-Conditioning and Warm Air Heating Equipment

With these bank loans for air-conditioning and warm air heating equipment, the SBA guarantees the lender that the loan will be repaid. This air-conditioning and warm air heating equipment loan for $120,000 was given to a Minnesota entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fairmont, Minnesota was able to borrow $120,000 from Welcome State Bank. The SBA made the loan possible by guaranteeing $102,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: AIR-CONDITIONING AND WARM AIR HEATING EQUIPMENT
FAIRMONT, MN 56031

SBA Loan Lender

WELCOME STATE BANK
111 GUIDE ST NORTH
WELCOME, MN 56181

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333415 - Air-Conditioning and Warm Air Heating Equipment

Loan Approval Date

12/22/2003

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

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 9 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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 7A Banks in Welcome, Minnesota

Minnesota SBA Bank Lenders