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May 11, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Nashwauk, Business Loans > American Bank Of The North Nashwauk Business Loans > Bottled Water Manufacturing Loan | ||||
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How Hard Is It to Get a Small Business Loan in Bovey, Minnesota?
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Raising Money for Bottled Water ManufacturingLooking for business loans for bottled water manufacturing? The SBA may be the answer. This $20,000 bottled water manufacturing loan was issued by a Minnesota bank. This small business knew how to go about getting a business bank loan. Based in Bovey, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was American Bank Of The North, based in Nashwauk, Minnesota. SBA Loan Borrower COMPANY TYPE: BOTTLED WATER MANUFACTURING SBA Loan Lender AMERICAN BANK OF THE NORTH The lender provided this small business 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 312112 - Bottled Water Manufacturing Loan Approval Date 5/30/2003 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $10,000. 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 4 employees. The loan application indicated that the loan would help retain 4 existing jobs. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Bank Of The North had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Bank Of The North 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: Best Banks for Small Business in Nashwauk, Minnesota
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