Loans for Machine Tool Manufacturing
With these loans for machine tool manufacturing, the SBA guarantees the lender that the loan will be repaid. This machine tool manufacturing loan for $40,000 was given to a Minnesota entrepreneur in 2000.
Getting a small business loan in Houston, Minnesota was important for this growing firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Roundbank, operating out of Waseca, Minnesota. Here are the details on this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: MACHINE TOOLS, METAL FORMING TYPES
HOUSTON, MN 55943
SBA Loan Lender
ROUNDBANK
200 2ND ST NE
WASECA, MN 56093
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3542 - Machine Tools, Metal Forming Types
NAICS Code
333513 - Machine Tool Manufacturing
Loan Approval Date
7/21/2000
Loan Approval Gross Amount
$40,000
Loan Approval from the SBA
Of the total $40,000 loan amount, the SBA guaranteed $20,800.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 2 employees. This SBA loan request did not indicate that the small business planned to use the funding to add employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
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.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Roundbank and they will explain how you can get an SBA loan for your company.
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:
Business Line of Credit
Best Banks for Small Business in Waseca, Minnesota
Getting an SBA Loan in Minnesota