Saint Cloud, Minnesota Bank Gives SBA Loan to Machine Tools, Metal Cutting Types Company

Want to talk with a Saint Cloud, Minnesota bank about a business loan? Here's one Georgia business loan, issued by a Saint Cloud bank, that was approved by the SBA.

Applying for an SBA loan with Stearns Bank worked out well for our friends at one local company in Covington, Georgia. They got an SBA loan for $128,400. Sweet!

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOLS, METAL CUTTING TYPES
COVINGTON, GA 30015

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3541 - Machine Tools, Metal Cutting Types

NAICS Code

333512 - Machine Tool Manufacturing

Loan Approval Date

1/26/2000

Loan Approval Gross Amount

$128,400

Loan Approval from the SBA

Of the total $128,400 loan amount, the SBA guaranteed $96,300.

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 only one employee. The loan application did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Understanding Dilution

Small Bank Loans in Saint Cloud, Minnesota

Browse All Business Loan Sources for Minnesota