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May 6, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Buffalo, Business Loans > Bankwest Buffalo Business Loans > Building Equipment Installation Loan | ||||
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Minnesota Small Business Funding
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Getting an SBA Loan for Building Equipment and Machinery Installation ContractorsWith these commercial loans for building equipment and machinery installation contractors, the SBA guarantees the lender that the loan will be repaid. This building equipment and machinery installation contractors loan for $72,000 was given to a Minnesota entrepreneur in 2003. Getting a small business loan in Ramsey, Minnesota was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Bankwest, operating out of Buffalo, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: BUILDING EQUIPMENT INSTALLATION SBA Loan Lender BANKWEST This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1796 - Building Equipment Installation NAICS Code 235950 - Building Equipment and Machinery Installation Contractors Loan Approval Date 1/9/2003 Loan Approval Gross Amount $72,000 Loan Approval from the SBA Of the total $72,000 loan amount, the SBA guaranteed $61,200. 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 3 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bankwest had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bankwest 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: Accountant's Role in Securing Financing Good Banks for Small Business in Buffalo, Minnesota Getting an SBA Loan in Minnesota
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