Financing for Manufacturing

With these loans for manufacturing, the SBA guarantees the lender that the loan will be repaid. This manufacturing loan for $40,000 was given to a Minnesota entrepreneur in 2006.

This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Lake Elmo Bank, out of Lake Elmo, Minnesota. The loan was granted and they received $40,000 to help grow their Stillwater, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: MANUFACTURING
STILLWATER, MN 55082

SBA Loan Lender

LAKE ELMO BANK
11465 39TH ST NORTH
LAKE ELMO, MN 55042

The lender provided this SBA loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

339999 - Manufacturing

Loan Approval Date

4/14/2006

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $20,000.

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 only one employee. This SBA loan request indicated that the loan would help retain 1 existing job.

Great, But How Can I Get an SBA Loan for My Business?

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Lake Elmo Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Lake Elmo Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Determining Proper Capital Structure for a Business

Best Banks for Small Business in Lake Elmo, Minnesota

Minnesota SBA Bank Lenders