How to Get a Loan for Machine Shops

Looking for business loans for machine shops? An SBA loan may be just what you've been looking for. This $347,100 machine shops loan was issued by a Kansas bank.

This small business knew how to go about getting a business bank loan. Based in Argonia, Kansas, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Farmers & Merchants State Bank, based in Argonia, Kansas.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
ARGONIA, KS 67004

SBA Loan Lender

FARMERS & MERCHANTS STATE BANK
101 S MAIN ST
ARGONIA, KS 67004

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

3/30/2004

Loan Approval Gross Amount

$347,100

Loan Approval from the SBA

Of the total $347,100 loan amount, the SBA guaranteed $260,325.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 25 employees. The loan application did not indicate that the small business planned 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?

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Farmers & Merchants State Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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