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December 22, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Tracy, Business Loans > Minnwest Bank South Tracy Business Loans > Electrical Machinery, Equipment, And Supplies Loan | ||||
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Tracy, Minnesota SBA 7A Banks
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Tracy, Minnesota Bank Lends Money to Electrical Machinery, Equipment, And Supplies Company in Tracy, MinnesotaThinking about meeting with a Tracy, Minnesota bank about a business loan? Here's one Minnesota business loan, issued by a Tracy bank, that was approved by the SBA. Applying for an SBA loan with Minnwest Bank South worked out well for our friends at one local company in Tracy, Minnesota. They got an SBA loan for $40,000. Great job! SBA Loan Borrower COMPANY TYPE: ELECTRICAL MACHINERY, EQUIPMENT, AND SUPPLIES SBA Loan Lender MINNWEST BANK SOUTH This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3699 - Electrical Machinery, Equipment, and Supplies NAICS Code 335129 - Lighting Equipment Manufacturing Loan Approval Date 4/3/2002 Loan Approval Gross Amount $40,000 Loan Approval from the SBA Of the total $40,000 loan amount, the SBA guaranteed $34,000. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. 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 Minnwest Bank South 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: SBA Participating Banks in Tracy, Minnesota
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