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May 8, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Edina, Business Loans > Fidelity Bank Edina Business Loans > Farm And Garden Machinery And Equipment Wholesalers Loan | ||||
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Hastings, Minnesota Bank Loan
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Farm and Garden Machinery and Equipment Wholesalers LoansLooking for loans for farm and garden machinery and equipment wholesalers? Try the SBA. This $450,000 farm and garden machinery and equipment wholesalers loan was issued by a Minnesota bank. This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Fidelity Bank, out of Edina, Minnesota. The loan was granted and they received $450,000 to help grow their Hastings, Minnesota business. SBA Loan Borrower COMPANY TYPE: FARM AND GARDEN MACHINERY AND EQUIPMENT WHOLESALERS SBA Loan Lender FIDELITY BANK This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421820 - Farm and Garden Machinery and Equipment Wholesalers Loan Approval Date 6/17/2002 Loan Approval Gross Amount $450,000 Loan Approval from the SBA Of the total $450,000 loan amount, the SBA guaranteed $337,500. 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 10 employees. The loan application did not indicate that the small business promised to use the loan proceeds 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Fidelity Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Fidelity 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: Small Bank Loans in Edina, Minnesota
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