Farmers & Merchants St. Bank - N SBA Loan to Boat Dealers Company

Farmers & Merchants St. Bank - N is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans.

This growing company received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Farmers & Merchants St. Bank - N, out of New York Mills, Minnesota. The loan was granted and they received $555,468 to help grow their Perham, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: BOAT DEALERS
PERHAM, MN 56573

SBA Loan Lender

FARMERS & MERCHANTS ST. BANK - N
11 N WALKER AVE
NEW YORK MILLS, MN 56567

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide debt financing to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441222 - Boat Dealers

Loan Approval Date

11/30/2006

Loan Approval Gross Amount

$555,468

Loan Approval from the SBA

Of the total $555,468 loan amount, the SBA guaranteed $416,601.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 14 employees. The SBA loan documents did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Farmers & Merchants St. Bank - N are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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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