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May 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Saint Paul, Business Loans > Park Midway Bank Saint Paul Business Loans > Machine Shops Loan | ||||
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SBA Loan from Park Midway Bank
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SBA Loan from Park Midway Bank Helps Machine Shops CompanyPark Midway Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Minnesota entrepreneur was able to get a loan to take a small business to the next level. This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Park Midway Bank, out of Saint Paul, Minnesota. The loan was granted and they received $57,500 to help grow their Circle Pines, Minnesota business. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender PARK MIDWAY 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 332710 - Machine Shops Loan Approval Date 6/5/2007 Loan Approval Gross Amount $57,500 Loan Approval from the SBA Of the total $57,500 loan amount, the SBA guaranteed $48,875. 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 15 employees. The loan application indicated that the loan would help retain 15 existing jobs. Getting an SBA Loan For Your Business 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. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Park Midway Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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 7A Lenders in Saint Paul, Minnesota Getting a Business Loan in Minnesota
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