Getting an SBA Loan for Iron and Steel Forging

Looking for business loans for iron and steel forging? Try the SBA. This $120,000 iron and steel forging loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mound, Minnesota was able to borrow $120,000 from First National Bank - Lakes. The SBA made the loan possible by guaranteeing $90,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: IRON AND STEEL FORGINGS
MOUND, MN 55364

SBA Loan Lender

FIRST NATIONAL BANK - LAKES
2445 SHADYWOOD RD
NAVARRE, MN 55392

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3462 - Iron and Steel Forgings

NAICS Code

332111 - Iron and Steel Forging

Loan Approval Date

6/16/2000

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $90,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in Mound or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Direct Public Offerings

Banks in Navarre, Minnesota

Minnesota SBA 7A Lenders