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May 2, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Le Roy, Business Loans > First State Bank Minnesota Le Roy Business Loans > Welding And Soldering Equipment Manufacturing Loan | ||||
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SBA Lenders for Grand Meadow, Minnesota Small Businesses
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First State Bank Minnesota Gives Small Business Loan to Welding And Soldering Equipment Manufacturing CompanyMinnesotaBusiness loans are available to Minnesota business owners through the SBA. In this case, a Minnesota bank provides the loan. By giving the right information to First State Bank Minnesota, this Grand Meadow, Minnesota business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: WELDING AND SOLDERING EQUIPMENT MANUFACTURING SBA Loan Lender FIRST STATE BANK MINNESOTA 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. NAICS Code 333992 - Welding and Soldering Equipment Manufacturing Loan Approval Date 12/10/2004 Loan Approval Gross Amount $85,000 Loan Approval from the SBA Of the total $85,000 loan amount, the SBA guaranteed $72,250. 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. We've showcased information on this loan to let you know that businesses like yours 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: Determining Proper Capital Structure for a Business Good Banks for Small Business in Le Roy, Minnesota
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