Bank Loans for Boat Building

With these bank loans for boat building, the SBA guarantees the lender that the loan will be repaid. This boat building loan for $138,800 was given to a Minnesota entrepreneur in 2000.

This small firm knew how to go about getting a business bank loan. Based in Zimmerman, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Sherburne State Bank, based in Becker, Minnesota.

SBA Loan Borrower

COMPANY TYPE: BOAT BUILDING AND REPAIRING
ZIMMERMAN, MN 55398

SBA Loan Lender

SHERBURNE STATE BANK
12500 SHERBURNE AVE
BECKER, MN 55308

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3732 - Boat Building and Repairing

NAICS Code

336612 - Boat Building

Loan Approval Date

10/6/2000

Loan Approval Gross Amount

$138,800

Loan Approval from the SBA

Of the total $138,800 loan amount, the SBA guaranteed $104,100.

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 application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $138,800 loan. Remember, if it to be, it is up to me!

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:

Startup Funding Tip

SBA Approved Banks in Becker, Minnesota

SBA Minnesota Lenders