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May 11, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Nashwauk, Business Loans > American Bank Of The North Nashwauk Business Loans > Iron And Steel Forging Loan | ||||
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American Bank Of The North SBA 7A Loans
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How to Get a Loan for Iron and Steel ForgingWith these business loans for iron and steel forging, the SBA guarantees the lender that the loan will be repaid. This iron and steel forging loan for $75,000 was given to a Minnesota entrepreneur in 2004. This small business knew how to go about getting a business bank loan. Based in Little Falls, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was American Bank Of The North, based in Nashwauk, Minnesota. SBA Loan Borrower COMPANY TYPE: IRON AND STEEL FORGING SBA Loan Lender AMERICAN BANK OF THE NORTH This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 332111 - Iron and Steel Forging Loan Approval Date 12/17/2004 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $37,500. 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 10 employees. The SBA loan documents indicated that the loan would help retain 10 existing jobs. Getting an SBA Loan For Your Business SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 American Bank Of The North 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: SBA 7A Banks for Nashwauk, Minnesota Loans
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