Welding and Soldering Equipment Manufacturing Commercial Loans

Looking for commercial loans for welding and soldering equipment manufacturing? The SBA may be the answer. This $130,000 welding and soldering equipment manufacturing loan was issued by a Minnesota bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with The Bank Of Elk River, out of Elk River, Minnesota. The loan was granted and they received $130,000 to help grow their Zimmerman, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: ELECTRIC AND GAS WELDING AND SOLDERING EQUIPMENT
ZIMMERMAN, MN 55398

SBA Loan Lender

THE BANK OF ELK RIVER
630 MAIN ST
ELK RIVER, MN 55330

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3548 - Electric and Gas Welding and Soldering Equipment

NAICS Code

333992 - Welding and Soldering Equipment Manufacturing

Loan Approval Date

4/21/2003

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

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 loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Bank Of Elk River had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Bank Of Elk River 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:

Role of Business Plan When Raising Money

Banks in Elk River, Minnesota

Getting an SBA Loan in Minnesota