Get an SBA Loan for Welding and Soldering Equipment Manufacturing

Looking for small business loans for welding and soldering equipment manufacturing? Try the SBA. This $150,000 welding and soldering equipment manufacturing loan was issued by an Illinois bank.

This company knew how to go about getting a business bank loan. Based in Galesburg, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was The Farmers And Mechanics Bank, based in Galesburg, Illinois.

SBA Loan Borrower

COMPANY TYPE: ELECTRIC AND GAS WELDING AND SOLDERING EQUIPMENT
GALESBURG, IL 61401

SBA Loan Lender

THE FARMERS AND MECHANICS BANK
21 E MAIN ST
GALESBURG, IL 61401

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3548 - Electric and Gas Welding and Soldering Equipment

NAICS Code

333992 - Welding and Soldering Equipment Manufacturing

Loan Approval Date

12/28/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 4 employees. This SBA loan request did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 The Farmers And Mechanics Bank 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.

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