Borrowing Money for Machine Shops

With these bank loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $577,750 was given to a Minnesota entrepreneur in 2002.

Getting a small business loan in Little Falls, Minnesota was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from American Bank Of The North, operating out of Mountain Iron, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
LITTLE FALLS, MN 56345

SBA Loan Lender

AMERICAN BANK OF THE NORTH
8401 UNITY DR
MOUNTAIN IRON, MN 55792

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

9/10/2002

Loan Approval Gross Amount

$577,750

Loan Approval from the SBA

Of the total $577,750 loan amount, the SBA guaranteed $433,312.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the business planned to use the money to add employees or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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.

Related Links:

Accountant's Role in Securing Financing

Best Banks in Mountain Iron, Minnesota

Getting an SBA Loan in Minnesota