Bank Loans for Schiffli Machine Embroidery

With these bank loans for schiffli machine embroidery, the SBA guarantees the lender that the loan will be repaid. This schiffli machine embroidery loan for $106,400 was given to a Minnesota entrepreneur in 2002.

This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Northwoods Bank Of Minnesota, out of Park Rapids, Minnesota. The loan was granted and they received $106,400 to help grow their Nevis, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: SCHIFFLI MACHINE EMBROIDERIES
NEVIS, MN 56467

SBA Loan Lender

NORTHWOODS BANK OF MINNESOTA
1200 E FIRST ST
PARK RAPIDS, MN 56470

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

2397 - Schiffli Machine Embroideries

NAICS Code

313222 - Schiffli Machine Embroidery

Loan Approval Date

9/10/2002

Loan Approval Gross Amount

$106,400

Loan Approval from the SBA

Of the total $106,400 loan amount, the SBA guaranteed $90,440.

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 SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

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:

Obtaining Funding - Friends and Family

SBA Participating Banks in Park Rapids, Minnesota

Getting a Business Loan in Minnesota