Getting an SBA Loan for Custom Compounding of Purchased Resins

Looking for business loans for custom compounding of purchased resins? Try the SBA. This $860,000 custom compounding of purchased resins loan was issued by an Utah bank.

This business knew how to go about getting a business bank loan. Based in Arlington, South Dakota, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Merrill Lynch Bank Usa, based in Salt Lake City, Utah.

SBA Loan Borrower

COMPANY TYPE: PLASTICS MATERIALS AND RESINS
ARLINGTON, SD 57212

SBA Loan Lender

MERRILL LYNCH BANK USA
15 W SOUTH TEMPLE, STE 300
SALT LAKE CITY, UT 84101

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide 7A business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2821 - Plastics Materials and Resins

NAICS Code

325991 - Custom Compounding of Purchased Resins

Loan Approval Date

11/18/2002

Loan Approval Gross Amount

$860,000

Loan Approval from the SBA

Of the total $860,000 loan amount, the SBA guaranteed $645,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 40 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Merrill Lynch Bank Usa that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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