Raising Money for Construction and Mining Machinery and Equipment Merchant

With these bank loans for construction and mining machinery and equipment merchant, the SBA guarantees the lender that the loan will be repaid. This construction and mining machinery and equipment merchant loan for $150,000 was given to a Minnesota entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hibbing, Minnesota was able to borrow $150,000 from American Bank Of The North. The SBA made the loan possible by guaranteeing $75,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION AND MINING MACHINERY AND EQUIPMENT MERCHANT
HIBBING, MN 55746

SBA Loan Lender

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

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

423810 - Construction and Mining Machinery and Equipment Merchant

Loan Approval Date

8/11/2006

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 5 employees. This SBA loan request indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in Hibbing or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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