Loans for Industrial Machinery and Equipment Merchant Wholesalers

With these loans for industrial machinery and equipment merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This industrial machinery and equipment merchant wholesalers loan for $700,000 was given to an Iowa entrepreneur in 2005.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Farmers Trust & Savings Bank, out of Britt, Iowa. The loan was granted and they received $700,000 to help grow their Garner, Iowa business.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT MERCHANT WHOLESALERS
GARNER, IA 50438

SBA Loan Lender

FARMERS TRUST & SAVINGS BANK
202 MAIN AVE NORTH
BRITT, IA 50423

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423830 - Industrial Machinery and Equipment Merchant Wholesalers

Loan Approval Date

1/4/2005

Loan Approval Gross Amount

$700,000

Loan Approval from the SBA

Of the total $700,000 loan amount, the SBA guaranteed $525,000.

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 20 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you 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. Farmers Trust & Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Farmers Trust & Savings 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.

Related Links:

Dealing With Venture Capitalists

Small Business Banks in Britt, Iowa

Iowa SBA Bank Lenders