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November 15, 2024 |
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| Home > Small Business Lenders by State > West Virginia Business Loan Sources > Barboursville, Business Loans > The First State Bank Barboursville Business Loans > Machine Shops Loan | ||||
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The First State Bank Commercial Loans
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Machine Shops Bank LoansLooking for bank loans for machine shops? Try the SBA. This $55,000 machine shops loan was issued by a West Virginia bank. This small firm knew how to go about getting a business bank loan. Based in Huntington, West Virginia, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was The First State Bank, based in Barboursville, West Virginia. SBA Loan Borrower COMPANY TYPE: MACHINE SHOPS SBA Loan Lender THE FIRST STATE BANK The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 332710 - Machine Shops Loan Approval Date 1/20/2006 Loan Approval Gross Amount $55,000 Loan Approval from the SBA Of the total $55,000 loan amount, the SBA guaranteed $27,500. 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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $55,000 loan. Remember, if it to be, it is up to me! 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: Obtaining Funding - Getting Venture Capital Where to Get an SBA Loan in Barboursville, West Virginia
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