SBA Loan from American Savings, Inc. Helps Excavation Work Company

American Savings, Inc. is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with American Savings, Inc., out of New Prague, Minnesota. The loan was granted and they received $150,000 to help grow their Lakeville, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION WORK
LAKEVILLE, MN 55044

SBA Loan Lender

AMERICAN SAVINGS, INC.
815 FIRST ST SE
NEW PRAGUE, MN 56071

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.

SIC Code

1794 - Excavation Work

NAICS Code

235930 - Excavation Contractors

Loan Approval Date

3/5/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Lakeville MN, you ought to talk with a local Lakeville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lakeville businesses.

We can help you find the best banks for small businesses in Lakeville 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.

SBA 7A Banks in New Prague, Minnesota

Where to Get an SBA Loan Minnesota

Lakeville SBA Loan from American Savings, Inc.

SBA Loan from American Savings, Inc. Helps Excavation Work Company