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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Fairmont, Business Loans > First Farmers & Merchants Natl Fairmont Business Loans > Farm Machinery And Equipment Manufacturing Loan | ||||
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Business Loans for Winnebago Businesses
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SBA Loans for Farm Machinery and Equipment ManufacturingWith these SBA loans for farm machinery and equipment manufacturing, the SBA guarantees the lender that the loan will be repaid. This farm machinery and equipment manufacturing loan for $300,000 was given to a Minnesota entrepreneur in 2006. Getting a small business loan in Winnebago, Minnesota was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from First Farmers & Merchants Natl, operating out of Fairmont, Minnesota. Here are the details on this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: FARM MACHINERY AND EQUIPMENT MANUFACTURING SBA Loan Lender FIRST FARMERS & MERCHANTS NATL 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. NAICS Code 333111 - Farm Machinery and Equipment Manufacturing Loan Approval Date 6/23/2006 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $270,000. 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 14 employees. This SBA loan request indicated that the loan would help retain 14 existing jobs. Great, But How Can I Get an SBA Loan for My Business? The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Farmers & Merchants Natl had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Farmers & Merchants Natl 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: Find an SBA Lender in Fairmont, Minnesota Browse All Business Loan Sources for Minnesota
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