Getting an SBA Loan for Optical Instrument and Lens Manufacturing

Looking for SBA loans for optical instrument and lens manufacturing? Try the SBA. This $256,000 optical instrument and lens manufacturing loan was issued by a Minnesota bank.

This business knew how to go about getting a business bank loan. Based in Grand Rapids, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was American Bank Of The North, based in Nashwauk, Minnesota.

SBA Loan Borrower

COMPANY TYPE: OPTICAL INSTRUMENT AND LENS MANUFACTURING
GRAND RAPIDS, MN 55744

SBA Loan Lender

AMERICAN BANK OF THE NORTH
117 CENTRAL AVE
NASHWAUK, MN 55769

This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

333314 - Optical Instrument and Lens Manufacturing

Loan Approval Date

4/12/2004

Loan Approval Gross Amount

$256,000

Loan Approval from the SBA

Of the total $256,000 loan amount, the SBA guaranteed $128,000.

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 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Bank Of The North had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Bank Of The North made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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