Getting an SBA Loan for Steel Foundries

Looking for business loans for steel foundries? An SBA loan may be just what you've been looking for. This $200,000 steel foundries loan was issued by a Missouri bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Joplin, Missouri was able to borrow $200,000 from Mid-Missouri Bank. The SBA made the loan possible by guaranteeing $150,000 of this Missouri small business loan.

SBA Loan Borrower

COMPANY TYPE: STEEL FOUNDRIES
JOPLIN, MO 64801

SBA Loan Lender

MID-MISSOURI BANK
100 N MAIN ST
WEBB CITY, MO 64870

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3325 - Steel Foundries

NAICS Code

331513 - Steel Foundries

Loan Approval Date

6/10/2003

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 85 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

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.

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

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