Anchor Bank Farmington Gives Bank Loan to Machine Shops Company

Would a Minnesota SBA loan help your business get to the next level? If so, you may want to talk with this Minnesota bank, which offers SBA loans to Minnesota entrepreneurs.

Getting a small business loan in Lakeville, Minnesota was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Anchor Bank Farmington. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
LAKEVILLE, MN 55044

SBA Loan Lender

ANCHOR BANK FARMINGTON
324 OAK ST
FARMINGTON, MN 55024

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

2/3/2003

Loan Approval Gross Amount

$352,200

Loan Approval from the SBA

Of the total $352,200 loan amount, the SBA guaranteed $264,150.

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 12 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Small Business Loan

Banks in Farmington, Minnesota

Getting a Business Loan in Minnesota