Business Loan from Anchor Bank Given to Concrete Products Company
Anchor Bank has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them.
Getting a small business loan in Rockford, Minnesota was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Anchor Bank, operating out of Wayzata, Minnesota. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: CONCRETE PRODUCTS
ROCKFORD, MN 55373
SBA Loan Lender
ANCHOR BANK
1055 E WAYZATA BLVD EAST
WAYZATA, MN 55391
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 American small businesses.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3272 - Concrete Products
Loan Approval Date
5/31/2000
Loan Approval Gross Amount
$85,000
Loan Approval from the SBA
Of the total $85,000 loan amount, the SBA guaranteed $63,750.
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 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.
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 Anchor 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:
Equity Financing
SBA Banks in Wayzata, Minnesota
Getting a Business Loan in Minnesota