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.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Frazee, Minnesota was able to borrow $300,000 from Midwest Bank. The SBA made the loan possible by guaranteeing $150,000 of this Minnesota small business loan.

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 was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

333921 - Elevator and Moving Stairway Manufacturing

Loan Approval Date

7/24/2007

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $150,000.

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

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Midwest Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for 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.

Related Links:

Microlending as a Small Business Funding Source

Small Bank Loans in Detroit Lakes, Minnesota

Getting an SBA Loan in Minnesota