Luverne, Minnesota Bank Lends Money to Iron And Steel Mills Company in Luverne, Minnesota

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

Applying for an SBA loan with First Farmers & Merchants Natl worked out well for our friends at one local firm in Luverne, Minnesota. They got an SBA loan for $150,000. Great job!

SBA Loan Borrower

COMPANY TYPE: IRON AND STEEL MILLS
LUVERNE, MN 56156

SBA Loan Lender

FIRST FARMERS & MERCHANTS NATL
303 E MAIN
LUVERNE, MN 56156

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

331111 - Iron and Steel Mills

Loan Approval Date

10/15/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 4 employees. This SBA loan request did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you need money to buy a business? 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.

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