Plastics Product Manufacturing Bank Loans

With these bank loans for plastics product manufacturing, the SBA guarantees the lender that the loan will be repaid. This plastics product manufacturing loan for $360,000 was given to a New York entrepreneur in 2002.

Getting a small business loan in East Aurora, New York was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Merrill Lynch Bank Usa, operating out of Salt Lake City, Utah. Here are the details on this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: PLASTICS PRODUCT MANUFACTURING
EAST AURORA, NY 14052

SBA Loan Lender

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

This lender issued this loan for a small business under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

326199 - Plastics Product Manufacturing

Loan Approval Date

10/31/2002

Loan Approval Gross Amount

$360,000

Loan Approval from the SBA

Of the total $360,000 loan amount, the SBA guaranteed $270,000.

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 15 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Merrill Lynch Bank Usa and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Getting a Small Business Loan

Best Banks for Small Business in Salt Lake City, Utah

SBA Lenders in Utah