How to Get a Loan for Vending Machine Operators

With these business loans for vending machine operators, the SBA guarantees the lender that the loan will be repaid. This vending machine operators loan for $350,000 was given to a Minnesota entrepreneur in 2002.

Getting a small business loan in Long Lake, Minnesota was important for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Lake Community Bank, operating out of Long Lake, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: VENDING MACHINE OPERATORS
LONG LAKE, MN 55407

SBA Loan Lender

LAKE COMMUNITY BANK
1964 W WAYZATA BLVD
LONG LAKE, MN 55356

This commercial 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

454210 - Vending Machine Operators

Loan Approval Date

4/22/2002

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 30 employees. The loan application did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Equity Financing

Best Banks for Small Business in Long Lake, Minnesota

SBA Lenders in Minnesota