How to Get a Loan for Cutting Tool and Machine Tool Accessory Manufacturing

Looking for commercial loans for cutting tool and machine tool accessory manufacturing? The SBA may be the answer. This $134,000 cutting tool and machine tool accessory manufacturing loan was issued by a Minnesota bank.

Getting a small business loan in Fairmont, Minnesota was important for this small business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First Farmers & Merchants Natl, operating out of Fairmont, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL ACCESSORIES
FAIRMONT, MN 56031

SBA Loan Lender

FIRST FARMERS & MERCHANTS NATL
114 S PARK ST
FAIRMONT, MN 56031

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3545 - Machine Tool Accessories

NAICS Code

333515 - Cutting Tool and Machine Tool Accessory Manufacturing

Loan Approval Date

6/11/2003

Loan Approval Gross Amount

$134,000

Loan Approval from the SBA

Of the total $134,000 loan amount, the SBA guaranteed $113,900.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

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

SBA loans provide money to small business owners for working capital for other expenses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $134,000 loan. Remember, if it to be, it is up to me!

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:

SBIR Funding

SBA Participating Banks in Fairmont, Minnesota

Getting an SBA Loan in Minnesota