Getting an SBA Loan for Machine Shops
With these commercial loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $343,500 was given to an Alabama entrepreneur in 2001.
This business knew how to go about getting a business bank loan. Based in Hueytown, Alabama, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.
SBA Loan Borrower
COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
HUEYTOWN, AL 35023
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
This SBA loan was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending background and are well trained in SBA policies and procedures.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3599 - Industrial and Commercial Machinery and Equipment
NAICS Code
332710 - Machine Shops
Loan Approval Date
7/2/2001
Loan Approval Gross Amount
$343,500
Loan Approval from the SBA
Of the total $343,500 loan amount, the SBA guaranteed $257,625.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 7 employees. The loan application did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great funding source
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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:
Advice on Getting a Small Business Loan
SBA 7A Banks in Livingston, New Jersey
Getting an SBA Loan in New Jersey