Get an SBA Loan for Yarn Spinning Mills

With these bank loans for yarn spinning mills, the SBA guarantees the lender that the loan will be repaid. This yarn spinning mills loan for $52,000 was given to a Minnesota entrepreneur in 2004.

This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Merchants Bank, out of Hastings, Minnesota. The loan was granted and they received $52,000 to help grow their Hastings, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: YARN SPINNING MILLS
HASTINGS, MN 55033

SBA Loan Lender

MERCHANTS BANK
1525 VERMILLION ST, STE 200
HASTINGS, MN 55033

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

313111 - Yarn Spinning Mills

Loan Approval Date

4/5/2004

Loan Approval Gross Amount

$52,000

Loan Approval from the SBA

Of the total $52,000 loan amount, the SBA guaranteed $44,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Realistic Debt Financing Options

SBA 7A Banks for Hastings, Minnesota Loans

Where to Get an SBA Loan Minnesota