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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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We Needed an SBA Loan in Winnebago, Minnesota and We Got One!
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Borrowing Money for Farm Machinery and Equipment ManufacturingLooking for loans for farm machinery and equipment manufacturing? Try the SBA. This $150,000 farm machinery and equipment manufacturing loan was issued by a Minnesota bank. This company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First Farmers & Merchants Natl, out of Fairmont, Minnesota. The loan was granted and they received $150,000 to help grow their Winnebago, Minnesota business. SBA Loan Borrower COMPANY TYPE: FARM MACHINERY AND EQUIPMENT MANUFACTURING SBA Loan Lender FIRST FARMERS & MERCHANTS NATL The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide small business loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333111 - Farm Machinery and Equipment Manufacturing Loan Approval Date 5/1/2003 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $135,000. 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 20 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: SBA Approved Banks in Fairmont, Minnesota
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