How to Get a Loan for Household Textile Product Mills

With these commercial loans for household textile product mills, the SBA guarantees the lender that the loan will be repaid. This household textile product mills loan for $20,000 was given to a Minnesota entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mora, Minnesota was able to borrow $20,000 from Kanabec State Bank. The SBA made the loan possible by guaranteeing $10,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: HOUSEHOLD TEXTILE PRODUCT MILLS
MORA, MN 55051

SBA Loan Lender

KANABEC STATE BANK
124 MAPLE AVE EAST
MORA, MN 55051

The lender provided this debt financing 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

314129 - Household Textile Product Mills

Loan Approval Date

5/10/2005

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $10,000.

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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you are wondering how to raise money for a company in Mora MN, you ought to talk with a local Mora SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mora 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 Kanabec State Bank 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.

Related Links:

Find Start-Up Capital

Best Banks in Mora, Minnesota

SBA Lenders in Minnesota