How to Get a Loan for Power, Distribution, and Specialty Transformer Manufacturing

With these SBA loans for power, distribution, and specialty transformer manufacturing, the SBA guarantees the lender that the loan will be repaid. This power, distribution, and specialty transformer manufacturing loan for $387,000 was given to a Texas entrepreneur in 2000.

This small business knew how to go about getting a business bank loan. Based in Fort Worth, Texas, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Bank Of America, based in Charlotte, North Carolina.

SBA Loan Borrower

COMPANY TYPE: POWER, DISTRIBUTION, AND SPECIALTY TRANSFORMERS
FORT WORTH, TX 76107

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3612 - Power, Distribution, and Specialty Transformers

NAICS Code

335311 - Power, Distribution, and Specialty Transformer Manufacturing

Loan Approval Date

3/3/2000

Loan Approval Gross Amount

$387,000

Loan Approval from the SBA

Of the total $387,000 loan amount, the SBA guaranteed $290,250.

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 18 employees. This SBA loan request indicated that the loan would help generate 18 new jobs and retain 18 existing jobs.

Next Steps for Getting an SBA Loan

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

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 $387,000 loan. Remember, where there is a will, there is a way!

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:

Obtaining Funding - Getting Venture Capital

Find an SBA Lender in Charlotte, North Carolina

SBA Participating Banks in North Carolina