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May 7, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Elk River, Business Loans > 1st National Bank - Elk River Elk River Business Loans > Motor Vehicle Parts Manufacturing Loan | ||||
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Elk River Lenders
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Elk River, Minnesota Bank Lends Money to Motor Vehicle Parts Manufacturing Company in Redwood Falls, MinnesotaGet small business loans from an Elk River, Minnesota bank that knows how to treat small business owners right! If this company can get a loan, there's no reason you can't do it too. 1st National Bank - Elk River is a Elk River, Minnesota small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a Minnesota company. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE PARTS MANUFACTURING SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide debt financing to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 336399 - Motor Vehicle Parts Manufacturing Loan Approval Date 12/19/2001 Loan Approval Gross Amount $1,333,333 Loan Approval from the SBA Of the total $1,333,333 loan amount, the SBA guaranteed $1,000,000. 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 31 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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: Role of Business Plan When Raising Money SBA 7A Lenders in Elk River, Minnesota
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