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May 4, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Maple Grove, Business Loans > Highland Bank Maple Grove Business Loans > Plastics Product Manufacturing Loan | ||||
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Raising Money in Brooklyn Park, Minnesota With SBA Loans
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Plastics Product Manufacturing SBA LoansWith these SBA loans for plastics product manufacturing, the SBA guarantees the lender that the loan will be repaid. This plastics product manufacturing loan for $25,000 was given to a Minnesota entrepreneur in 2007. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Brooklyn Park, Minnesota was able to borrow $25,000 from Highland Bank. The SBA made the loan possible by guaranteeing $21,250 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: PLASTICS PRODUCT MANUFACTURING SBA Loan Lender HIGHLAND BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 326199 - Plastics Product Manufacturing Loan Approval Date 4/24/2007 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $21,250. 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 only one employee. The SBA loan application for the borrower 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. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: A Company That Helps Entrepreneurs Small Bank Loans in Maple Grove, Minnesota Browse All Business Loan Sources for Minnesota
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