SBA Loan from Bank Of America Helps Machine Shops Company

An SBA loan from Bank Of America typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fenelton, Pennsylvania business owner got a $11,500 loan.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $11,500 to help grow their Fenelton, Pennsylvania business.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
FENELTON, PA 16034

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

332710 - Machine Shops

Loan Approval Date

12/13/2004

Loan Approval Gross Amount

$11,500

Loan Approval from the SBA

Of the total $11,500 loan amount, the SBA guaranteed $5,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The loan application did not indicate that the business promised to use the funding to hire new 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $11,500 loan. Remember, feel the fear, and do it anyway.

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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Find an SBA Lender in Providence, Rhode Island

Rhode Island SBA 7A Banks