Borrowing Money for Chemical Product and Preparation Manufacturing

With these loans for chemical product and preparation manufacturing, the SBA guarantees the lender that the loan will be repaid. This chemical product and preparation manufacturing loan for $10,000 was given to a Minnesota entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Farmington, Minnesota was able to borrow $10,000 from Innovative Bank. The SBA made the loan possible by guaranteeing $8,500 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: CHEMICAL PRODUCT AND PREPARATION MANUFACTURING
FARMINGTON, MN 55024

SBA Loan Lender

INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612

This lender issued this business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

325998 - Chemical Product and Preparation Manufacturing

Loan Approval Date

7/6/2006

Loan Approval Gross Amount

$10,000

Loan Approval from the SBA

Of the total $10,000 loan amount, the SBA guaranteed $8,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Farmington MN, you ought to talk with a local Farmington SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Farmington businesses.

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 $10,000 loan. Remember, anyone can do it... so why not 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.

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