Long Prairie, Minnesota Bank Lends Money to Motor Vehicle Parts Manufacturing Company in Litchfield, Minnesota

Thinking about meeting with a Long Prairie, Minnesota bank about a small business loan? Here's one Minnesota business loan, issued by a Long Prairie bank, that was approved by the SBA.

Applying for an SBA loan with Amer Heritage National worked out well for our friends at one local business in Litchfield, Minnesota. The business was able to get an SBA loan for $65,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE PARTS MANUFACTURING
LITCHFIELD, MN 55355

SBA Loan Lender

AMER HERITAGE NATIONAL
24 2ND ST SOUTH
LONG PRAIRIE, MN 56347

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

336399 - Motor Vehicle Parts Manufacturing

Loan Approval Date

7/28/2004

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

More Information on This SBA Loan

The borrower borrowed this money for a new 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. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Amer Heritage National had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Amer Heritage National made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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