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May 4, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minneapolis, Business Loans > Northeast Bank Minneapolis Business Loans > Metalworking Machinery Loan | ||||
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SBA Lender Champlin Minnesota
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SBA Loans for Machine ShopsLooking for SBA loans for machine shops? An SBA loan may be just what you've been looking for. This $150,000 machine shops loan was issued by a Minnesota bank. This business knew how to go about getting a business bank loan. Based in Champlin, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Northeast Bank, based in Minneapolis, Minnesota. SBA Loan Borrower COMPANY TYPE: METALWORKING MACHINERY SBA Loan Lender NORTHEAST BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3549 - Metalworking Machinery NAICS Code 332710 - Machine Shops Loan Approval Date 3/15/2002 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $127,500. 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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Northeast Bank 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: Find an SBA Lender in Minneapolis, Minnesota
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