How to Get a Loan for Transportation Equipment and Supplies

With these business loans for transportation equipment and supplies, the SBA guarantees the lender that the loan will be repaid. This transportation equipment and supplies loan for $50,000 was given to a Minnesota entrepreneur in 2003.

This small business knew how to go about getting a business bank loan. Based in Lakeville, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Anchor Bank Saint Paul, based in Apple Valley, Minnesota.

SBA Loan Borrower

COMPANY TYPE: TRANSPORTATION EQUIPMENT AND SUPPLIES
LAKEVILLE, MN 55044

SBA Loan Lender

ANCHOR BANK SAINT PAUL
14665 GALAXIE AVE
APPLE VALLEY, MN 55124

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5088 - Transportation Equipment and Supplies

NAICS Code

423860 - Transportation Equipment and Supplies

Loan Approval Date

11/24/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 5 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Anchor Bank Saint Paul that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Bank Credit Lines

Small Business Banks in Apple Valley, Minnesota

SBA Lenders in Minnesota