Bank Loans for Knit Fabric and Lace Mills

Looking for bank loans for knit fabric and lace mills? An SBA loan may be just what you've been looking for. This $35,000 knit fabric and lace mills loan was issued by a Minnesota bank.

This company knew how to go about getting a business bank loan. Based in Marshall, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was State Bank Of Chandler, based in Chandler, Minnesota.

SBA Loan Borrower

COMPANY TYPE: KNIT FABRIC AND LACE MILLS
MARSHALL, MN 56258

SBA Loan Lender

STATE BANK OF CHANDLER
342 MAIN AVE
CHANDLER, MN 56122

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

313249 - Knit Fabric and Lace Mills

Loan Approval Date

4/8/2004

Loan Approval Gross Amount

$35,000

Loan Approval from the SBA

Of the total $35,000 loan amount, the SBA guaranteed $29,750.

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. The loan application did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into State Bank Of Chandler and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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