Borrowing Money for Precision Turned Product Manufacturing

Looking for bank loans for precision turned product manufacturing? An SBA loan may be just what you've been looking for. This $200,000 precision turned product manufacturing loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Fridley, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Anchor Bank, based in Wayzata, Minnesota.

SBA Loan Borrower

COMPANY TYPE: PRECISION TURNED PRODUCT MANUFACTURING
FRIDLEY, MN 55432

SBA Loan Lender

ANCHOR BANK
1055 E WAYZATA BLVD EAST
WAYZATA, MN 55391

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332721 - Precision Turned Product Manufacturing

Loan Approval Date

8/24/2004

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 8 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 8 existing jobs.

Getting an SBA Loan For Your Business

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

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Anchor Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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