How to Get a Loan for Instrument Manufacturing for Measuring and Testing Electric Devices
With these commercial loans for instrument manufacturing for measuring and testing electric devices, the SBA guarantees the lender that the loan will be repaid. This instrument manufacturing for measuring and testing electric devices loan for $500,000 was given to a Minnesota entrepreneur in 2006.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Eden Prairie, Minnesota was able to borrow $500,000 from Beacon Bank. The SBA made the loan possible by guaranteeing $450,000 of this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: INSTRUMENT MANUFACTURING FOR MEASURING AND TESTING ELECTRIC DEVICES
EDEN PRAIRIE, MN 55344
SBA Loan Lender
BEACON BANK
19765 HWY 7
SHOREWOOD, MN 55331
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
334515 - Instrument Manufacturing for Measuring and Testing Electric Devices
Loan Approval Date
12/12/2006
Loan Approval Gross Amount
$500,000
Loan Approval from the SBA
Of the total $500,000 loan amount, the SBA guaranteed $450,000.
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 45 employees. This SBA loan request indicated that the loan would help retain 45 existing jobs.
Getting an SBA Loan For Your Business
If you need business start up money in Eden Prairie MN, you ought to talk with a local Eden Prairie SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Eden Prairie businesses.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Beacon Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Beacon Bank 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:
The Friends and Family Network
Best Banks in Shorewood, Minnesota
SBA Minnesota Lenders