Loans for Machine Shops

Looking for loans for machine shops? Try the SBA. This $250,000 machine shops loan was issued by a South Dakota bank.

This company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Minnwest Bank Sioux Falls, out of Sioux Falls, South Dakota. The loan was granted and they received $250,000 to help grow their Sioux Falls, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
SIOUX FALLS, SD 57107

SBA Loan Lender

MINNWEST BANK SIOUX FALLS
5001 S LOUISE AVE
SIOUX FALLS, SD 57108

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

7/3/2007

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

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 7 employees. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 10 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Sioux Falls SD, you ought to talk with a local Sioux Falls SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Sioux Falls businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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