Commercial Loans for Electric Housewares and Household Fan Manufacturing

Looking for commercial loans for electric housewares and household fan manufacturing? An SBA loan may be just what you've been looking for. This $165,000 electric housewares and household fan manufacturing loan was issued by a Minnesota bank.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Citizens Bank & Trust, out of Hutchinson, Minnesota. The loan was granted and they received $165,000 to help grow their Litchfield, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: ELECTRIC HOUSEWARES AND HOUSEHOLD FAN MANUFACTURING
LITCHFIELD, MN 55355

SBA Loan Lender

CITIZENS BANK & TRUST
102 MAIN ST SOUTH
HUTCHINSON, MN 55350

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335211 - Electric Housewares and Household Fan Manufacturing

Loan Approval Date

6/27/2005

Loan Approval Gross Amount

$165,000

Loan Approval from the SBA

Of the total $165,000 loan amount, the SBA guaranteed $123,750.

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

Next Steps for Getting an SBA Loan

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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