Entrepreneur Works With Fosston, Minnesota Bank to Get an SBA Loan

Find Fosston, Minnesota banks that specialize in SBA loans and know how to work with entrepreneurs. American Federal Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Fosston, Minnesota starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from American Federal Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL AND INDUSTRIAL MACHINERY AND EQUIPMENT
FOSSTON, MN 56542

SBA Loan Lender

AMERICAN FEDERAL BANK
207 N JOHNSON AVE
FOSSTON, MN 56542

When this loan was made, the lender was part of the SBA's Certified Lenders Program (CLP). This program aims to offer expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811310 - Commercial and Industrial Machinery and Equipment

Loan Approval Date

8/16/2002

Loan Approval Gross Amount

$725,000

Loan Approval from the SBA

Of the total $725,000 loan amount, the SBA guaranteed $543,750.

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 45 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $725,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Advice on Getting a Small Business Loan

SBA Banks in Fosston, Minnesota

Browse All Business Loan Sources for Minnesota