Getting an SBA Loan for Cutting Tool and Machine Tool Accessory Manufacturing

With these commercial loans for cutting tool and machine tool accessory manufacturing, the SBA guarantees the lender that the loan will be repaid. This cutting tool and machine tool accessory manufacturing loan for $517,500 was given to a Michigan entrepreneur in 2002.

Getting a small business loan in Grand Rapids, Michigan was important for this business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Irwin Union Bank & Trust, operating out of Columbus, Indiana. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: CUTTING TOOL AND MACHINE TOOL ACCESSORY MANUFACTURING
GRAND RAPIDS, MI 49509

SBA Loan Lender

IRWIN UNION BANK & TRUST
500 WASHINGTON ST
COLUMBUS, IN 47201

This lender issued this bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333515 - Cutting Tool and Machine Tool Accessory Manufacturing

Loan Approval Date

2/7/2002

Loan Approval Gross Amount

$517,500

Loan Approval from the SBA

Of the total $517,500 loan amount, the SBA guaranteed $388,125.

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 40 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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