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May 13, 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 > Industrial And Commercial Machinery And Equipment Loan | ||||
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How to Get SBA Loans in Rogers, Minnesota
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Machine Shops Bank LoansLooking for bank loans for machine shops? An SBA loan may be just what you've been looking for. This $78,000 machine shops loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Rogers, Minnesota was able to borrow $78,000 from 1st National Bank - Elk River. The SBA made the loan possible by guaranteeing $66,300 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT SBA Loan Lender 1ST NATIONAL BANK - ELK RIVER This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring 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 3599 - Industrial and Commercial Machinery and Equipment NAICS Code 332710 - Machine Shops Loan Approval Date 10/29/2003 Loan Approval Gross Amount $78,000 Loan Approval from the SBA Of the total $78,000 loan amount, the SBA guaranteed $66,300. 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. This SBA loan request did not indicate that the company planned to use the money to hire new 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. Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $78,000 loan. It's not easy, but why not give getting an SBA loan of your own a try? 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 Banks in Elk River, Minnesota
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