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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Grand Rapids, Business Loans > American Bank Of The North Grand Rapids Business Loans > Optical Instruments And Lenses Loan | ||||
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How to Get SBA Loans in Grand Rapids, Minnesota
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Optical Instrument and Lens Manufacturing Commercial LoansWith these commercial loans for optical instrument and lens manufacturing, the SBA guarantees the lender that the loan will be repaid. This optical instrument and lens manufacturing loan for $104,000 was given to a Minnesota entrepreneur in 2003. This small business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with American Bank Of The North, out of Grand Rapids, Minnesota. The loan was granted and they received $104,000 to help grow their Grand Rapids, Minnesota business. SBA Loan Borrower COMPANY TYPE: OPTICAL INSTRUMENTS AND LENSES SBA Loan Lender AMERICAN BANK OF THE NORTH This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3827 - Optical Instruments and Lenses NAICS Code 333314 - Optical Instrument and Lens Manufacturing Loan Approval Date 3/4/2003 Loan Approval Gross Amount $104,000 Loan Approval from the SBA Of the total $104,000 loan amount, the SBA guaranteed $88,400. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business 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. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from American Bank Of The North so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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 SBA 7A Lenders in Grand Rapids, Minnesota
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