Raising Money for Steel Foundries

With these bank loans for steel foundries, the SBA guarantees the lender that the loan will be repaid. This steel foundries loan for $150,000 was given to a Texas entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cleburne, Texas was able to borrow $150,000 from Community Bank. The SBA made the loan possible by guaranteeing $112,500 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: STEEL FOUNDRIES
CLEBURNE, TX 76031

SBA Loan Lender

COMMUNITY BANK
104 N NOLAN RIVER RD
CLEBURNE, TX 76031

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3325 - Steel Foundries

NAICS Code

331513 - Steel Foundries

Loan Approval Date

7/27/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 7 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

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