Associated Bank Gives Small Business Loan to Water Well Drilling Company

Small business loans in Minnesota are tough to come by these days. We take a look at one Minnesota small business loan, provided by a Minnesota bank, that was approved by the SBA.

Getting a small business loan in Maple Plain, Minnesota was a top priority for this small company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Associated Bank. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: WATER WELL DRILLING
MAPLE PLAIN, MN 55359

SBA Loan Lender

ASSOCIATED BANK
740 MARQUETTE AVE
MINNEAPOLIS, MN 55402

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1781 - Water Well Drilling

NAICS Code

235810 - Water Well Drilling Contractors

Loan Approval Date

7/3/2000

Loan Approval Gross Amount

$273,800

Loan Approval from the SBA

Of the total $273,800 loan amount, the SBA guaranteed $205,350.

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 40 employees. The loan application indicated that the loan would help retain 40 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

How Much Venture Capital Is There?

Good Banks for Small Business in Minneapolis, Minnesota

SBA Participating Banks in Minnesota