Plastics Product Manufacturing Loans

With these loans for plastics product manufacturing, the SBA guarantees the lender that the loan will be repaid. This plastics product manufacturing loan for $150,000 was given to a Minnesota entrepreneur in 2006.

This small firm knew how to go about getting a business bank loan. Based in Faribault, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was 1st United Bank, based in Faribault, Minnesota.

SBA Loan Borrower

COMPANY TYPE: PLASTICS PRODUCT MANUFACTURING
FARIBAULT, MN 55021

SBA Loan Lender

1ST UNITED BANK
430 NW 4TH ST
FARIBAULT, MN 55021

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

326199 - Plastics Product Manufacturing

Loan Approval Date

11/15/2006

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 7 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

If you are raising money in Faribault MN, you ought to talk with a local Faribault SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Faribault businesses.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Business Line of Credit

SBA 7A Banks in Faribault, Minnesota

Getting an SBA Loan in Minnesota