Getting an SBA Loan for Farm Machinery and Equipment Manufacturing

With these commercial loans for farm machinery and equipment manufacturing, the SBA guarantees the lender that the loan will be repaid. This farm machinery and equipment manufacturing loan for $100,800 was given to a Minnesota entrepreneur in 2006.

This business knew how to go about getting a business bank loan. Based in Mankato, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Community Bank Vernon Center, based in Vernon Center, Minnesota.

SBA Loan Borrower

COMPANY TYPE: FARM MACHINERY AND EQUIPMENT MANUFACTURING
MANKATO, MN 56001

SBA Loan Lender

COMMUNITY BANK VERNON CENTER
201 E MAIN ST
VERNON CENTER, MN 56090

The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

333111 - Farm Machinery and Equipment Manufacturing

Loan Approval Date

6/20/2006

Loan Approval Gross Amount

$100,800

Loan Approval from the SBA

Of the total $100,800 loan amount, the SBA guaranteed $50,400.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 5 employees. The loan application indicated that the loan would help retain 5 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a business in Mankato MN, you ought to talk with a local Mankato SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mankato businesses.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Community Bank Vernon Center so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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