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May 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Crosslake, Business Loans > Lakes State Bank Crosslake Business Loans > Industrial And Commercial Machinery And Equipment Loan | ||||
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I Need a Small Business Loan in Crosslake, Minnesota
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Financing for General Purpose Machinery ManufacturingLooking for loans for general purpose machinery manufacturing? An SBA loan may be just what you've been looking for. This $104,900 general purpose machinery manufacturing loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Crosslake, Minnesota was able to borrow $104,900 from Lakes State Bank. The SBA made the loan possible by guaranteeing $78,675 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT SBA Loan Lender LAKES STATE BANK This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3599 - Industrial and Commercial Machinery and Equipment NAICS Code 333999 - General Purpose Machinery Manufacturing Loan Approval Date 12/20/2000 Loan Approval Gross Amount $104,900 Loan Approval from the SBA Of the total $104,900 loan amount, the SBA guaranteed $78,675. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Lakes State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Lakes State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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 7A Banks in Crosslake, Minnesota
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