Bank Loans for Textile Machinery Manufacturing

Looking for bank loans for textile machinery manufacturing? An SBA loan may be just what you've been looking for. This $600,000 textile machinery manufacturing loan was issued by a West Virginia bank.

This small firm knew how to go about getting a business bank loan. Based in Gibsonville, North Carolina, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Comvest Export Finan Company I, based in Clarksburg, West Virginia.

SBA Loan Borrower

COMPANY TYPE: TEXTILE MACHINERY
GIBSONVILLE, NC 27249

SBA Loan Lender

COMVEST EXPORT FINAN COMPANY I
P. O. BOX 2025
CLARKSBURG, WV 26302

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3552 - Textile Machinery

NAICS Code

333292 - Textile Machinery Manufacturing

Loan Approval Date

10/3/2000

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $540,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 68 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Comvest Export Finan Company I had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Comvest Export Finan Company I 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.

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