Loans for Machine Shops

With these loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $1,570,000 was given to an Iowa entrepreneur in 2003.

This small firm knew how to go about getting a business bank loan. Based in Audubon, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was First American Bank, based in Fort Myers, Florida.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
AUDUBON, IA 55025

SBA Loan Lender

FIRST AMERICAN BANK
12730 NEW BRITTANY BLVD
FORT MYERS, FL 33907

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA small business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

12/9/2003

Loan Approval Gross Amount

$1,570,000

Loan Approval from the SBA

Of the total $1,570,000 loan amount, the SBA guaranteed $999,933.

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 73 employees. The SBA loan documents did not indicate that the company planned to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from First American 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.

Related Links:

Strategic Investors

SBA Approved Banks in Fort Myers, Florida

Florida SBA 7A Lenders