Business Loan from Midwest Bank Given to Elevator And Moving Stairway Manufacturing Company

An SBA loan from Midwest Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Frazee, Minnesota business owner got a $300,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Frazee, Minnesota, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Midwest Bank, based in Detroit Lakes, Minnesota.

SBA Loan Borrower

COMPANY TYPE: ELEVATOR AND MOVING STAIRWAY MANUFACTURING
FRAZEE, MN 56544

SBA Loan Lender

MIDWEST BANK
613 HWY 10 EAST
DETROIT LAKES, MN 56502

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 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

333921 - Elevator and Moving Stairway Manufacturing

Loan Approval Date

7/6/2007

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 20 employees. The SBA loan application for the borrower indicated that the loan would help retain 20 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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