Herring Bank Gives Bank Loan to General Industrial Machinery And Equipment, N.E.C Company

TexasSBA loans are available to Texas entrepreneurs through the SBA. In this case, a Texas bank provides the loan.

Getting a small business loan in Amarillo, Texas was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Herring Bank. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL INDUSTRIAL MACHINERY AND EQUIPMENT, N.E.C
AMARILLO, TX 79109

SBA Loan Lender

HERRING BANK
2500 S COULTER ST, STE 123
AMARILLO, TX 79106

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.

SIC Code

3569 - General Industrial Machinery and Equipment, N.E.C

NAICS Code

333999 - General Purpose Machinery Manufacturing

Loan Approval Date

9/22/2003

Loan Approval Gross Amount

$227,500

Loan Approval from the SBA

Of the total $227,500 loan amount, the SBA guaranteed $170,625.

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 5 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

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

If you need money to start business in Amarillo TX, you ought to talk with a local Amarillo SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Amarillo businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Herring Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Herring 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.

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