Getting an SBA Loan for Textile and Fabric Finishing Mills

Looking for commercial loans for textile and fabric finishing mills? Try the SBA. This $279,500 textile and fabric finishing mills loan was issued by a Minnesota bank.

This business knew how to go about getting a business bank loan. Based in Rochester, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Eastwood Bank, based in Rochester, Minnesota.

SBA Loan Borrower

COMPANY TYPE: TEXTILE AND FABRIC FINISHING MILLS
ROCHESTER, MN 55904

SBA Loan Lender

EASTWOOD BANK
5125 HWY 52 NORTH
ROCHESTER, MN 55901

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

313312 - Textile and Fabric Finishing Mills

Loan Approval Date

1/21/2005

Loan Approval Gross Amount

$279,500

Loan Approval from the SBA

Of the total $279,500 loan amount, the SBA guaranteed $209,625.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 13 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Eastwood Bank 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.

Related Links:

Financing Your Business

SBA Participating Banks in Rochester, Minnesota

SBA Minnesota Banks