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May 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Chatfield, Business Loans > Root River State Bank Chatfield Business Loans > Manufacturing Loan | ||||
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Root River State Bank
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Root River State Bank SBA Loan to Manufacturing CompanyRoot River State Bank has a track record as a leading provider of SBA loans. Find out how this Minnesota entrepreneur received an SBA loan from them. Getting a small business loan in Chatfield, Minnesota was an essential business goal for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Root River State Bank, operating out of Chatfield, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: MANUFACTURING SBA Loan Lender ROOT RIVER STATE BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. 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. NAICS Code 339999 - Manufacturing Loan Approval Date 8/23/2004 Loan Approval Gross Amount $78,675 Loan Approval from the SBA Of the total $78,675 loan amount, the SBA guaranteed $66,873. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. We've showcased information on this loan to let you know that businesses like yours 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: SBA Participating Banks in Chatfield, Minnesota
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